Mumbai: Indian equity benchmarks closed the session with 274 points cut on Monday, especially ahead of UP Assembly election results that schedule to be announced on Tuesday. Banks, metals, capital goods, realty stocks, and Reliance Industries weighed down the market throughout session.
The BSE benchmark fell 1.55 per cent, to close at 17,362.87 led by sell-off in 25 stocks. Meanwhile, the NSE Nifty dropped 79.05 points or 1.47 per cent to 5,280.35.
Exit polls suggested that there may be hung parliament in Utter Pradesh and Samajwadi Party is likely to finish on top.
AK Bhattacharya, managing editor of Business Standard believes the expectation was that the Congress will be little more free in deciding what it wants to do with the state of the economy and its policies.
"Next week you have Budget, railway budget, the economic survey and also have the monetary policy. So there was an expectation that Congress will be little more free from the burden of its existing coalition partners," he explained.
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