Benchmark indices were trading lower, after reports that the Samajwadi Party (SP) was ahead in the Gorakhpur and Phulpur Lok Sabha bye-elections.
The Sensex was trading lower by 225 points, while the Nifty was trading down by 74 points. Banking stocks were the big drags on the Nifty with ICICI Bank, Hero Motor Corp and Tata Power among the major losers.
Among the Nifty stocks that gained were GAIL and Infosys. Global cues were also weak, as most of Asia, was trading in the red. The Hang Sang was down more than 1.3 per cent, while the Nikkei ended 0.87 per cent lower.
If the lead trend turns into victory for the SP, we may see some more reaction in stocks.