Sensex gains strength ahead of Karnataka poll results; midcaps underperform

The market gained some strength in morning, with the Nifty holding 10,800 levels ahead of Karnataka election results due tomorrow.The 30-share BSE Sensex was up 86.32 points at 35,622.11 and the 50-share NSE Nifty gained 21.10 points at 10,827.60.

The Nifty Bank index is up more than 100 points while broader markets underperform frontliners, with the Nifty Midcap index falling quarter percent.

Lupin gained 2 percent after the USFDA inspected Nagpur facility with no observations while Dena Bank traded at 15-year low after widening losses in March quarter.

Petrol, Diesel Price Hike: After a 19-day pre-Karnataka poll hiatus, petrol price was today hiked by 17 paise a litre and diesel by 21 paise as PSU oil firms began passing on the spike witnessed in international rates to consumers.
Petrol price in Delhi was hiked to Rs 74.80 per litre from Rs 74.63 while diesel rates were increased to Rs 66.14 a litre from Rs 65.93, according to a price notification issued by state-owned oil marketing companies.
With this, diesel prices have touched a record high while petrol is at a 56-month peak, reports PTI.

No USFDA Observations: Pharma major Lupin announced the successful completion of a n inspection carried out by the US FDA at its Nagpurfacility.

The inspection concluded without any observations, the company said in its filing.

Lupin’s Nagpurfacility is the company’s latestfacility and manufactures oral solid products.

Results Reaction: Broadcaster Sun TV Network share price rallied 11 percent after it reported a 22.82 percent increase in net profit at Rs 289.76 crore for the fourth quarter ended March 31, 2018. The company had reported a net profit of Rs 235.91 crore during the corresponding quarter last year.
Total income from operations during the quarter under review stood at Rs 753.79 crore, up 21.60 percent, as against Rs 619.85 crore during the same period previous fiscal, it said in a BSE filing.

PE investor Blackstone held 60.38 percent stake in the IT company till March 31, 2018.

Market Update: The market is trading in a tight range of around 20 points on the Nifty. Traders prefer to await Karnataka elections results before taking any big positions as exit polls announced on Saturday indicated hung assembly.

The 30-share BSE Sensex was up 61.10 points at 35,596.89 and the 50-share NSE Nifty rose 17.90 points to 10,824.40.

All sectoral indices are in the green barring Auto and IT.

HDFC twin, ITC continue to support the market while ICICI Bank, Infosys, TCS, Tata Motors are under pressure

Canara Bank rebounds sharply from opening lows despite it posted a loss of Rs 4,860 cr in March quarter due to spike in provisions and NPAs.

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