Stock markets rise on Karnataka results

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PNB's market cap has halved since it was hit by a massive banking fraud allegedly carried out by diamantaire Nirav Modi and his uncle Mehul Choksi.

In the euro zone, stock markets in Germany and France were up in early trade and rose up to 0.47 percent.

The inconclusive outcome has resulted in a hung assembly, paving the way for the JDS to play kingmaker in forming a coalition government.

The Sensex and Nifty slipped on Thursday, hurt by financials, while doubts whether the Bharatiya Janata Party (BJP) could prove its majority in Karnataka weighed on investor sentiment.

"BJP has emerged as the single largest party that itself has signaled that the policy directions are on track and are in sync with the expectations of the masses".

Total prepared to cancel $5B Iranian project
Iran has said it may start enriching uranium again if it can no longer see any economic benefit from sticking to the deal. The company didn't say if these trades will be affected.

Uncertainty over the Karnataka government formation, along with high crude oil prices and outflow of foreign funds dragged the key Indian equity indices in the red on Wednesday. According to Motilal Oswal Securities head (retail research) Siddharth Khemka, investors usually prefer a stable government and a decisive mandate is something the markets always take positively. Earlier in the day, market veteran Porinju Veliyath hinted that he expects a BJP victory to provide a big boost for the market, providing opportunities for small and midcaps to bounceback.

Experts largely believe that a finally tally that leaves the BJP just short of the majority mark is good for the market.

Shares of SRS Limited (NSE:SRSLTD) last traded at 0.75, representing a move of -6.25%, or -0.05 per share, on volume of 1.95M shares.

30-share BSE opened nearly 100 points above previous closing mark at 35,483.62. The gauge had gained 310.44 in the previous two sessions.

At 1.23 p.m., the wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading at 10,783.25 points - down 18.60 points or 0.17 per cent from the previous close of 10,801.85 points. It touch a low of 10,781.40.

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