Markets react volatile amid election trends, Urjit Patel's exit

The markets on Tuesday witnessed a gap-down start ahead of the results of the state elections, and investors turning wary over the shocking resignation by the Reserve Bank of India (RBI) Governor Urjit Patel.

The Sensex witnessed a sharp fall of 482.68 points at 34477.04, while the Nifty traded lower 116.70 points at 10371.80.

With a negative breadth, sectors such as banks, automobiles, energy, consumption, and metals were amongst the top losers.

The Indian rupee began trading on a negative note, with over 1.5 percent fall at 72.46 per US dollar.

RBI Governor Urjit Patel stepped down just ahead of the scheduled meeting of the RBI board on December 14th to consider proposals like RBI governance and providing liquidity for Non Banking Financial Companies (NBFC's).

"On account of personal reasons, I have decided to step down from my current position, effective immediately," he said in a statement.

"It has been my privilege and honor to serve in the Reserve Bank of India in various capacities over the years," he added.