The BSE Sensex was trading lower 93 points down at 17825, while the NSE Nifty was seen trading lower at 5431.55 , down 32.35 points, at 9.25 am IST.
There are now lingering concerns that Mamata Banerjee would not let the reforms process push through, particularly the GST and FDI in multi-brand retail.
With fiscal deficit soaring marketmen are now worried that she might now allow a petrol and diesel hike, which could see the fiscal deficit growing.
Reliance Power and Reliance Communications both lost ground today, as they were moved out of the Nifty. All eyes are now on the Monetary Policy Review that is to be delivered by RBI Governor Subbarao later today.