The BSE Sensex was trading 0.48% or 108.89 points lower at 22,400.18 points, while the
NSE Nifty was trading 0.42% or 28.30 points lower at 6,707.80 points at 10.50 am IST.
Experts feel markets could come under pressure as the current rally is largely hope-based. "The equity market exuberance appears based on opinion polls increasingly pointing to a stable government post election, and the presumption of a dramatic economic pivot post- election that jumpstarts a new capex cycle," JP Morgan analysts said in a recent report. "Markets, however, run the risk of getting ahead of themselves and becoming a victim of their own ever-growing expectations," they added
Among sectoral indices, the BSE Capital Goods (-0.93%), BSE Oil & Gas (-1.04%) and BSE Auto (-0.71%) were the major losers. Among individual stocks, Gail (-2.06%), Bhel (-2.05%) and ONGC (-1.32%) were the major losers on the 30-share index.
Most Asian markets were under pressure. The Nikkei (-0.04%), Hang Seng (-0.26%), Kospi (-0.33%), Straits Times (-0.19%) and Jakarta Composite (-0.88%) were trading lower.