Markets end the trading session on a weak note

Key benchmark indices slipped into the negative terrain in late-noon trades and ended the trading session on a weak note. The bourses reacted to weak global cues and the UP election results which showed  that the Congress-led UPA has failed to make any significant impact in the assembly elections of India's most populous State of Uttar Pradesh.

The BSE Sensex ended down 230 points at 17,133 (provisional) and the Nifty ended at 5,209 down 72 points.

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(updated at 1434 hours)

Markets have shed their intra-day gains and slipped into negative terrain, amid weak global cues, after the results showed that the Congress-led UPA has failed to make any significant impact in the assembly elections of India's most populous State of Uttar Pradesh. The markets are currently trading marginally lower with the Sensex at 17,282, down 80 points and the Nifty at 5,263,down 17 points.

 

Earlier in the day, the Sensex touched the high of 17,692.

As per the latest trends, in Uttar Pradesh Mulayam Singh Yadav led Samajwadi Party is leading in 200 seats. In Punjab, Shiromani Akalidal and BJP led coallition is likely to form the government again as the alliance is leading in 66 seats. Uttarakhand is witnessing a tough competetion. Manipur is likely to see a congress government while in Goa BJP is ahead in 16 seats.

In Asia, Japan's Nikkei share average slipped for a second day on Tuesday as investors bagged profits on blue chip stocks following February's 10.5% rally, although some attractive valuations and a softer yen supported sentiment. The benchmark Nikkei closed 0.6% lower at 9,638 after losing 0.8% on Monday. Hong Kong's Hang Seng and China's Shanghai Composite indices ended lower by 1-2% each.

European shares fell in early deals as fresh concerns about economic growth in Europe and China, the world's biggest metals consumer, prompted investors to scale back their risk exposure. The DAX was down 0.63% while France's CAC 40 was off 0.73% and London's FTSE 100 was lower by 0.43%.

Back home, on the sectoral front, BSE Consumer Durables, Realty, FMCG, IT and Auto indices are witnessing positive trades, having advanced 1-2% each.

On the other hand, BSE Metal, Oil & Gas and Capital Goods indices are leading the losses, down 1% each.

BSE Bankex index is down marginally at 11,695.

On the Sensex, Hindalco Industries has shed 3% at Rs 136 and is the top loser. Other prominent losers include Tata Steel, Tata Power, Bharti Airtel and Sterlite Industries, down 2-3% each.

The gainers from the pack are DLF, Infosys, SBI, Coal India and Maruti Suzuki, down 2-5% each.

The overall market breadth is negative as 1,409 stocks have declined against 1,220 advancing ones, on the BSE.