Markets Trade Lower As NDA State Election Results Unfold

Benchmark indices opened the day higher, as the National Democratic Alliance was set to form the government in Maharashtra and Haryana.

The Sensex was trading lower by 35 points, while the Nifty lost 23 points in trade. Shares in Infosys were relatively soft, after reports that SEBI would probe whistleblower complaints against the company.

Shares in Hero Motor Corp were marginally lower, after net profit was down 10.3 percent to Rs 875 crore. However, net profits of the company were much better than expected, especially as the auto sector is facing demand headwinds. The stock was trading lower at Rs 2688.

MTNL, shares surged after reports of a merger plan with the company and BSNL. The shares were locked at the upper end of the circuit filter. HCL Tech shares surged following a good set of numbers.

Shares in Larsen and Toubro was marginally higher, after the company reported a 10.3% rise in net profit to Rs 2,527 crore on a year-on-year basis driven by large value order wins in hydrocarbon, buildings & factories and power business during the quarter.

Shares in Maruti were marginally lower ahead of quarterly results to be declared by the company later today.

Meanwhile, most Asian markets were trading higher, following strong closings across the US market.