The benchmark index fell 146 points to end at 11,872 in a choppy session after exit polls showed no clear mandate. Weak global cues did not help either.
While selling pressure was seen in oil & gas, technology and capital goods stocks, buying support was visible in realty, auto and in defensive counters like FMCG and consumer durables.
The BSE oil & gas index fell 1.5 per cent led by a decline in Essar Oil, Cairn India and ONGC.
Prabhat Awasthi, head of equity research at Nomura India, said, “The Indian markets rallied on its own steam and if the elections were not there, it could have gone up further. But going forward the outcome of the elections will have a bearing on it. A weak government which is not expected to last the full term will cap the markets as we need policy action given that the environment is still tough and fiscal deficit is high.”
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