Markets open on a flat note, Yeddyurappa sworn-in as Karnataka CM

For Nifty, the 10,700 mark is crucial support zone, and if broken then further selling pressure is likely towards the 10,600 levels.

May 17, 2018 04:05 IST India Infoline News Service

Nifty turns volatile in the opening trades as intraday swings have already gyrated over 30 points in the first hour of trades. After opening higher, Nifty has failed to sustain. The 10,700 mark is crucial support zone, if broken then further selling pressure is likely towards the 106,00 levels.

BJP’s BS Yeddyurappa has been sworn-in as Karnataka’s chief minister by Governor Vajubhai Vala. He was the only minister to be sworn-in today. The Governor has asked Yeddyurappa to seek a vote of confidence in the House and prove a majority within 15 days from assuming office. Earlier in morning hours, the Supreme Court had refused to stay Governor's decision. However, the Supreme Court has kept it subject to the case’s outcome.

The BSE Sensex was up 112.77 points at 35,500.65 and the NSE Nifty gained 29.90 points at 10,771. The BSE Midcap and the BSE Smallcap indices rose 0.4%, respectively at the opening bell.

Shares of Granules India rose 2.3% as the company received USFDA approval for Methylergonovine tablets.

Shares of Divis Laboratories gained as USFDA completed inspection with no 483 observations.

Tata Steel (+1.33%), Vedanta (+1.31%), Wipro (+0.93%), TCS (+0.92%), Tata Motors (+0.89%) were the top gainers.

Lupin (-1.34%), BPCL (-1.09%), Cipla (-0.98%), HPCL (-0.68%), PowerGrid (-0.45%) were the top losers.

Out of 2,021 stocks traded on the NSE, 1012 advanced, 532 declined and 477 remained unchanged today.

Rupee opens higher at 67.65 per dollar against yesterday's close of 67.79.

Global Markets:

The Dow rose 0.3% to 24,768.93, the Nasdaq advanced 0.6% to 7,398.30 and the S&P 500 ended 0.4% higher at 2,722.46.

Positive result announcements led to the surge on Wall Street; however, traders were cautious due to geopolitical uncertainty after North Korea threatened to cancel a historic meeting between leader Kim Jong Un and US President Donald Trump scheduled later next month

European markets managed to close marginally higher yesterday with FTSE ending 0.15% higher, DAX closed 0.26% higher, while the CAC was up 0.20%.

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