Markets end in the red; election results eyed

Markets ended the day in the red with the benchmark indices losing heavy ground on persistent selling. The BSE Sensex closed the day 274 points down at 17362 points from its previous close, while the NSE Nifty closed the day at 5280 points, down 79 points from its previous close.

Weak global cues from Europe added to the bearishness in the markets.

Among the major losers today were JP Associates, DLF, Hindalco and Gail. Anil Dhirubhai Ambani stocks rallied today on hopes of better prospects for the Samajwadi Party in Uttar Pradesh.

Jindal Steel shares fell more than 4% on reports that the promoters had pledged more shares of the company. Kingfisher Airlines too was lower, despite the management denying any possible shutdowns.

All eyes are now focused on the election results that are due in several states, particularly Uttar Pradesh. Any setback for the Congress in the elections will lead to weakening its position at the centre and hence an impediment to pushing the reform process forward.

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