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Nifty drops 60.75 points as Karnataka, Korea tensions grip investors

The 50-share NSE Nifty closed at 10,741.10, down 60.75 points or 0.56 per cent, its lowest closing level since 10 May 2018, as 37 of its constituents dropped.

Reported by: PTI, Mumbai [ Published on: May 16, 2018 20:14 IST ]
Image Source : PTI

Nifty drops 60.75 points as Karnataka, Korea tensions grip investors

NSE benchmark Nifty dropped by 60.75 points to end at 10,741.10 in a volatile session as uncertainties around government formation in Karnataka and growing geopolitical tensions in Korean peninsula hurt investor sentiment. 

Most of the Asian markets fell as geopolitical developments and rising benchmark of the US yields spurred a return of risk aversion. 

The 50-share NSE Nifty closed at 10,741.10, down 60.75 points or 0.56 per cent, its lowest closing level since 10 May 2018, as 37 of its constituents dropped. 

The index hit a high of 10,790.45 and a low of 10,699.70 during the day. It saw an intra-day movement of about 90.75 points. 

Also read | Karnataka Verdict: Ball now in Governor’s court after state throws fractured mandate; BJP looks into ‘options’

On the sectoral front, PSU banks dropped by 3.05 per cent, energy 1.70 per cent, banks 1.10 per cent, finance service 1.03 per cent, private bank 0.92 per cent, infra 0.54 per cent, metal 0.41 per cent and auto 0.20 per cent. 

On the other hand, reality jumped by 2.06 per cent, FMCG 1.81 per cent, media 0.56 per cent and IT 0.15 per cent. 

Major index gainers were Hindustan Unilever, Lupin, ITC, Wipro, Yes Bank, Bajaj Finance, Asian Paints, Zeel and M&M. 

Losers included, ICICI Bank, Cipla, Ultra Tech Cement Co, Reliance, GAIL, BPCL, SBIN, Hindalco and Hero MotoCorp. 

The market breadth, indicating the overall health of the market remained negative. A total of 646 scrips advanced, 1,143 declined, while 72 remained unchanged. Total securities that touched their price bands were 218. 

Also read | North Korea threatens to cancel Kim Jong-Trump summit; US 'going ahead' with preparations

Turnover in the cash segment fell to Rs 29,759.39 crore from Rs 33,295.81 crore as on Tuesday.

A total of 15,854.76 lakh shares changed hands in 1,06,58,397 trades. The market capitalisation of the listed firms on the NSE stood at Rs 1,46,99,747.58 crores.

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