The BSE benchmark, the Sensex posted its highest single-day fall in more than two months. The 30-share Sensex ended 0.92% or 207.70 points lower at 22,277.23 points. The NSE's Nifty ended 0.86% or 57.80 points lower at 6,675.30 points.
Experts feel once the election results are out, the future trajectory of markets would largely depend upon the improvement in economic indicators. "A more proactive reform theme may resonate with investor in the short term. This is particularly relevant for domestic investors, since they have shunned equities in recent years, partly due to the high nominal yields offered by local bonds. However, new economic reforms are likely to be a multi-year program, and we argue that economic growth momentum will take over as the driving force of the stock market once the post-election excitement subsides," JP Morgan Funds Management said in a recent report.
Among sectoral indices, BSE Realty (-3.87%), BSE Capital Goods (-2.47%) and BSE IT (-2.49%) were the major losers. Among individual stocks, Tata Power (-3.61%), Infosys (-3.19%) and Bhel (-3.17%) were among the major losers on the 30-share Sensex.
Most Asian indices ended in the green. Straits Times (0.21%), Jakarta Composite (0.06%), Shanghai Composite (0.17%), Hang Seng (0.11%) and Nikkei (3.01%) ended higher.
Software stocks drag BSE Sensex to 2-1/2-week closing low
(Reuters) BSE Sensex fell on Wednesday to mark its lowest close in 2-1/2 weeks as software stocks slumped on caution ahead of India's top IT services provider Tata Consultancy Services (TCS)' quarterly results later in the day.
The benchmark BSE Sensex index provisionally closed 0.92 percent lower, while the broader NSE Nifty index lost 0.88 percent, marking their lowest close since March 27.