As Karnataka uncertainty continues, SENSEX drops by 250 points

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Mumbai : The market that had increased after initial trends of BJPs win in the Karnataka elections yesterday, has been sliding after the verdict of a hung Assembly. The BSE Sensex which had closed with a drop of 12.77 points at 35,543.94 yesterday, opened with a drop of 166.25 points at  35,377.69 points and Nifty opened with a drop of 54.20 points at 0,747.70. By 10.40 the Sensex dropped further by  249.71 points at 35,294.23 point. The Nifty, which had closed flat at 10,801.9 points yesterday, has also dropped by 88.20 points to 10,713.65 points by 10.30 today.  The rupee, in the meantime crossed 68 against the US dollar, but the RBI intervention helped it to recover sharply from lows of 68.13 a dollar.

 

In Karnataka the game turned a dramatic turn today after a BJP leader indicated that his party is in touch with several newly elected MLAs of JD(S) and Congress for support. The BJP legislative party meeting is scheduled to held at 11 am to elect the legislative Party leader. BJP leader Prakash Javdekar has said that people of Karnataka are not  very happy with the Congress trying a back door entry to the Power. He also claimed that several elected members of the Congress are not very happy with the ‘unholy’ alliance with JDS. However, all eyes will be on the Governor Vajubhai Vala today whether he invited the single largest party i.e. BJP or the united coalition of JDS and Congress.

 

 

 

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