The markets ended lower for the fifth straight session on Monday, following the resignation of the Bharatiya Janata Party’s (BJP’s) B S Yeddyurappa in the Karnataka Assembly.
The S&P BSE Sensex ended at 34,616, down 232 points while the broader Nifty50 index settled at 10,517, down 80 points.
BS Yeddyurappa’s third chief ministerial stint lasted all of 55 hours, and his resignation on Saturday evening came as a shot in the arm for an Opposition struggling to mount a united challenge to the Narendra Modi-led Bharatiya Janata Party (BJP) in the 2019 Lok Sabha elections.
Among sectoral indices, the Nifty PSU Bank index ended over 2% higher led by a rise in the shares of Bank of India, Union Bank of India and Punjab National Bank.
In the global markets, Asian stocks rose on Monday as US Treasury Secretary Steven Mnuchin declared the US trade war with China “on hold” following an agreement to drop their tariff threats that had roiled global markets this year.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.55 per cent in early trade, led by strong gains in greater China. Hong Kong’s Hang Seng was up 1.0 per cent, Taiwanese shares 1.1 per cent and mainland shares 0.4 per cent. Japan’s Nikkei gained 0.4 per cent.>