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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