Sensex soars 430 points, Nifty above 10,900 as BJP leads in Karnataka Assembly elections

The BSE Sensex on Tuesday zoomed over 436 points in late morning deals while the broader Nifty crossed the 10,900-mark after the BJP took the lead to emerge as the single largest party in Karnataka. The Bharatiya Janata Party led in 102 constituencies, while the ruling Congress was ahead in 53 seats, according to trends.

In the early morning trade, the benchmark BSE Sensex rose 260.94 or 0.73 per cent to trade at 35,817.65.

The broader NSE Nifty also jumped 70.50 points, or 0.65 per cent, to 10,877.10.

Overseas, markets in Asia were trading mixed as investors assessed the outlook for trade relations between the US and China and tensions in the Middle East.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 717.99 crore while domestic institutional investors (DIIs) bought shares worth Rs 687.23 crore on Monday, as per provisional data.

Also Read | Karnataka Election Results LIVE: BJP inching towards majority, takes lead in 109 seats; Congress ahead in 69 seats

Major gainers were Tata Steel 2.38 per cent, Kotak Bank 2.17 per cent, Yes Bank 2.13 per cent, Power Grid 1.99 per cent and HDFC Bank 1.62 per cent.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 717.99 crore on a net basis, while domestic institutional investors (DIIs) bought equities to the tune of Rs 687.23 crore yesterday, provisional data showed.

Asian stocks fell as investors remained cautious about key economic and political risks, while supply concerns kept crude oil prices near 3-1/2-year highs, while US stock indices posted modest gains yesterday, with the Dow ending higher for the eighth session in a row on signs of easing trade tensions between the US and China.

(With inputs from agencies)