Sensex ends lower as uncertainty over Karnataka govt formation hurts sentiment

By Reuters

  • 16 May 2018
Credit: Reuters

Indian shares ended lower on Wednesday, as uncertainties around the composition of the next government in the southern state of Karnataka hurt investor sentiment.

The benchmark BSE Sensex closed down 0.44 percent at 35,387.88. The broader NSE Nifty ended 0.56 percent lower at 10,741.1.

Index for state-run banks ended 3.05 percent lower, dragged by Punjab National Bank and Syndicate Bank Ltd, which closed down 12.04 percent and 12.45 percent respectively.

Punjab National Bank on Tuesday had reported a record quarterly loss of 134.17 billion rupees ($1.98 billion) with analysts worried about the bank’s growth prospects, while Syndicate Bank posted a loss of 21.95 billion rupees compared with a profit of 1.04 billion rupees last year.