Markets opened the week on a soft note with major indices losing ground. The Nifty opened lower and was trading 54 points down at 5304 points, while the BSE Sensex was trading lower by 173 points at 17,463 at 9.20 am IST.
Reports on various exit polls suggesting that the Congress was likely to fare badly in the elections in the key state of Uttar Pradesh adversely affected sentiments.
Banking stocks like State Bank of India and ICICI Bank continued to trade weak. DLF which has been losing ground in trading for the past few days on reports of Veritas alleging manipulated accounting practices at the company continued to trade with losses. Reliance Power and Reliance Infrastructure were among the early gainers.
All eyes are now focused on Uttar Pradesh, where counting of votes is expected on Tuesday. Any setback for the Congress is likely to see unwinding in blue chips.
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