Opening Bell: Sensex Gains 122 Points, Nifty Climbed 36 Points to Trade at 10,777 After BJP's B S Yeddyurappa Sworn in as CM of Karnataka

Mumbai, May 17: Snapping a two-day falling streak, benchmark stock indices opened on a positive note today after BJP's B S Yeddyurappa was sworn in as the chief minister of Karnataka. Unabated buying by domestic institutional investors set the tone, brokers said. BJP legislature party leader B S Yeddyurappa was today sworn in as the chief minister of Karnataka for the second time, after an overnight high-voltage legal battle in the Supreme Court.

The 30-share Sensex bounced 122.13 points, or 0.34 percent, to 35,510.01. It had lost 168.83 points in the previous two sessions. All the sectoral indices, led by consumer durables, realty, metal, power and banking, were in the green. The NSE Nifty also jumped 36.15 points, or 0.33 percent, to 10,777.25. Major movers in the Sensex kitty included Coal India, Power Grid, Wipro, SBI, Kotak Bank, Sun Pharma, ICICI Bank, TCS, Infosys, M&M, L&T and Maruti Suzuki, rising up to 1.79 percent.

Tata Steel, however, fell 0.83 percent despite the company yesterday reporting a consolidated net profit of Rs 14,688.02 crore for the fourth quarter ended March 2018. Domestic institutional investors (DIIs) bought shares worth a net Rs 229.06 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 699.22 crore yesterday, as per provisional data.

In the rest of Asia, Japan's Nikkei rose 0.44 percent, Hong Kong's Hang Seng inched up 0.01 percent, while Shanghai Composite Index shed 0.35 percent in early deals. nThe US Dow Jones Industrial Average ended 0.25 per cent higher yesterday as retailers results and solid economic data boosted confidence in the American economy.

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