Sensex, Nifty Bank off day's high; BJP maintains lead in Karnataka

The stock market went from strength to strength on Tuesday morning after trends showed the ruling BJP leading in Karnataka. 

The BSE Sensex leapt over 400 points while the NSE Nifty wrested back control of the crucial 10,900-mark. 

Here are the key factors that kept bulls charged up in morning trade.

Capitalstars financial research pvt. ltd.

 Meanwhile, stock-specific action is likely to continue as the day progresses amid the release of March quarter results of companies. Among key results, Britannia Industries, Lupin, Mangalore Refinery & Petrochemicals and Punjab National Bank are likely to announce their March 2018 quarter earnings later in the day.

Lower food inflation and rising rural core inflation are indicating that the rural distress has not yet abated completely. Rise in core inflation and increasing upward risk to overall CPI (our expectation is 5.4-5.8% for FY19) is likely to prompt RBI to withdraw its Aug’17 25bps rate cut. However, we expect RBI to maintain status quo in Jun’18 policy while turning slightly more hawkish," said Dhananjay Sinha, Head, Institutional Research, Economist and Strategist at Emkay Global Financial Services in an emailed note.

In the global markets, Asia stocks pulled back on Tuesday, after an uninspiring performance on Wall Street eclipsed support from US-China trade optimism, while supply concerns kept crude oil prices near three-and-half year highs.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.16 per cent after rising 0.6 per cent the previous day to its highest since late March. South Korea's KOSPI shed 0.05 per cent and Japan's Nikkei was flat.

Asia Update: Slight gains seen during the US session failed to translate into an advance in Asian stocks, with major markets in the region trading below the flat line.The Nikkei 225 was down 0.21 percent while South Korea's Kospi fell 0.71 percent.Hong Kong's Hang Seng declined 1 percent and Australia's ASX 200 dropped 0.61 percent while China's Shanghai Composite gained 0.5 percent.

GLOBAL MARKETS

In the global markets, Asia stocks pulled back on Tuesday, after an uninspiring performance on Wall Street eclipsed support from US-China trade optimism, while supply concerns kept crude oil prices near three-and-half year highs.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.16 per cent after rising 0.6 per cent the previous day to its highest since late March. South Korea's KOSPI shed 0.05 per cent and Japan's Nikkei was flat.

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