Sensex ends 232 pts lower; Realty, pharma, metals drag

Mumbai, May 21: 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 despite positive global cues.
The S&P BSE Sensex ended at 34,616, down 232 points while the broader Nifty50 index settled at 10,517, down 80 points.
B S 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 2.66% higher led by a rise in the shares of Bank of India, Union Bank of India and Punjab National Bank. However, the Nifty Realty index fell 3.29%, Nifty Pharma slipped 2.78% and Nifty Metal ended 1.68% lower.
GLOBAL MARKETS
Asian markets closed mostly higher. Japan’s Nikkei 225 rose 0.3 per cent to 23,002.37. Hong Kong’s Hang Seng gained 0.6 per cent to 31,234.35, while the Shanghai Composite Index advanced 0.6 per cent to 3,213.84. South Korea’s Kospi added 0.2 per cent to 2,465.57. Australia’s S&P/ASX 200 inched down 0.1 per cent to 6,084.50. Stocks in Southeast Asia were mixed.
OIL PRICES
Oil rose on Monday, lifted by a rally across stocks and other commodities, after the United States said it had put a possible trade war with China “on hold”. Brent crude futures were up 35 cents at $78.86 a barrel, having hit a high above $80 last week, while U.S. West Texas Intermediate (WTI) crude futures rose 29 cents to $71.57 a barrel.