Following the downtrend on the bourses, the stocks of most Indian tyre companies reported a decline in the May 9, 2018 - June 18, 2018 period. The BSE Sensex managed to remain flat, while stocks of tyre companies fell by 2% to 13%. May started with a pessimistic note ahead of Karnataka elections. Though the BJP became the single largest party, it fell short of a majority and this led to a political uncertainty in Karnataka ahead of general elections next year. The ruling party at the Centre also lost in the byelections in Uttar Pradesh. Apart from these electoral setbacks for the ruling party, rising crude oil prices, rupee depreciation and higher US bond yields also dampened market sentiments during the period.
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