Inflation, Caution Ahead of Karnataka Election Results Depress Markets

Mumbai: Higher inflation data and caution ahead of Karnataka election results kept the key Indian equity markets subdued on Monday afternoon. India's wholesale inflation rate rose to 3.18 per cent in April from 2.47 per cent in the previous month, official data showed here on Monday.

According to market observers, heavy selling was witnessed in consumer durables, auto and capital goods stocks. At 1.56 p.m., the wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading at 10,781.85 points -- down 24.65 points or 0.23 per cent from the previous close of 10,806.50 points.

The Sensex of the BSE, which opened at 35,555.83 points, was trading at 35,490.26 points (1.56 p.m.), lower by 45.53 points or 0.13 per cent from the previous day's close at 35,535.79 points. The Sensex touched a high of 35,642.72 points and a low of 35,456.56 points in the trade so far.

The BSE market breadth was bearish with 1,752 declines and 790 advances. So far, the major gainers on the BSE were Dr Reddy's Lab, NTPC, Sun Pharma, Tata Steel and State Bank of India, while Tata Motors (DVR), Tata Motors, Mahindra and Mahindra, ICICI Bank and Yes Bank were the major losers.

On the NSE, the top gainers were NTPC, Dr Reddy's Lab and State Bank of India. The major losers were Titan, Zee Entertainment and Indusbulls Housing Finance. (IANS)