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Pre - Session Commentary
Karnataka Assembly election results may trigger volatility
15-May-18   08:17 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 14 points at the opening bell. All eyes are on the outcome of the Karnataka assembly elections.

Results of the elections will be announced today, 15 May 2018. Exit polls reportedly showed that Karnataka could return a split verdict with the Bharatiya Janata Party as the single largest party. The Karnataka Assembly elections in a single-phase polling were held on Saturday, 12 May 2018. Polling was held in 222 constituencies of the 224-member assembly. Karnataka is one of only three states to be ruled by the Congress.

The all-India general CPI inflation increased to 4.58% in April 2018 (new base 2012=100), compared with 4.28% in March 2018, snapping consistent moderation for last three months. The corresponding provisional inflation rate for rural area was 4.67% and urban area 4.42% in April 2018 as against 4.44% and 4.12% in March 2018. The core CPI inflation increased to 5.80% in April 2018 compared with 5.23% in March 2018. The data was released by the government after market hours yesterday, 14 May 2018.

The cumulative CPI inflation had declined to 3.59% in April-April FY2018 compared with 4.52% in April-April FY2017.

Overseas, Stocks in Asia were trading mixed as investors assessed the outlook for trade relations and tensions in the Middle East. US stocks ended the day yesterday, 14 May 2018 little changed in light trading as investors assess the outlook for trade relations and tensions in the Middle East.

Back home, key benchmark indices settled almost flat yesterday, 14 May 2018. The barometer index, the S&P BSE Sensex, rose 20.92 points or 0.06% at 35,556.71. The Nifty 50 index rose 0.10 points at 10,806.60.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 717.99 crore yesterday, 14 May 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 687.23 crore yesterday, 14 May 2018, as per provisional data.

Among corporate news, net profit of Hindustan Unilever (HUL) rose 14.20% to Rs 1351 crore on 11.15% rise in net sales to Rs 9003 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 14 May 2018.

IT major Wipro will be watched. Wipro Gallagher Solutions (WGS), a Wipro company and a leading provider of loan origination software solutions, and Precision Risk Management Systems, Inc. (PRMS), a leading provider of performance management solutions, announced that they have partnered to deliver advanced mortgage business intelligence (BI) and customer experience management solutions to mortgage lenders.

As a part of this alliance, Wipro will offer its clients a powerful set of dashboard-driven performance management tools, including enterprise reporting, intuitive metrics and Key Performance Indicators (KPI) that focus on identifying potential problems before they progress in efforts to prevent business losses for lenders. The announcement was made after market hours yesterday, 14 May 2018.

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