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FAST MONEY Nestle Titan among key intraday trading calls for today

FAST MONEY Nestle Titan among key intraday trading calls for today

At 11:30 a.m, the 30-share Sensex was at 35,867, up 310.54 points or 0.87 per cent.

Indian shares shed early gains to end largely flat on Tuesday after the main opposition Congress party said it would form an alliance with the Janata Dal (Secular) party to rival Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) in the assembly elections in the southern state of Karnataka.

The BJP led in 102 constituencies, while the ruling Congress was ahead in 53 seats, according to trends.The market cheered the poll trend, with hectic buying across the spectrum.

The ongoing corporate earnings season and global developments are likely to dictate the market trend in the near term.

The BJP won 104 seats after counting for 222 seats was concluded for Karnataka Assembly elections today.

Overseas, markets in Asia were trading mixed as investors assessed the outlook for trade relations between the USA and China and tensions in the middle-east. The broader 50-issue NSE Nifty edged up just 0.10 points to close at 10,806, after shuttling between 10,834 and 10,774.

The 30-share Sensex surged over 436 points in early trade and the NSE Nifty soared almost 128 points before making a U-turn. "While they may be short of the majority, BJP has emerged as the single largest party and that trend is something that could help them in the upcoming General Elections", Siddharth Khemka, Head of Retail Research, Motilal Oswal Securities said.

The Indian rupee too followed the stock market and fell below the 68 mark for the first time since January 2017, closing at 68.07 level.

Both indexes gained more than 1 percent to hit their highest levels since early February.

HDFC Bank, TCS, Bajaj Finance, Kotak Mahindra Bank, Power Grid and Titan Company among other largecaps rose up to 2 percent. L&T, ICICI Bank, Asian Paints and SBI added up to 1 percent. HUL gained 0.8 percent after reporting better-than-expected earnings for the March quarter.

Shares of Indian Hume Pipe closed 4 percent lower as Madhya Pradesh government cancelled an order worth Rs 578.5 crore due to discrepancies.

Asian stocks also ended mixed as investors remained cautious about key economic and political risks, while supply concerns kept crude oil prices near 3-1/2-year highs. It touched a low of 10,781.40.

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