BSE benchmark Sensex slumped by 2% or 714 points to 34959.72 points as investors panicked over exit polls numbers for the state assembly election that indicated Congress giving a tough fight to the party in power BJP, coupled with a weakening rupee and rising tension between China and USA. In Similar order, the broader NSE Nifty fell 205.25 points or 1.92 per cent to 10,488.45.

The various exit poll numbers by respective media outlets showcased a sign of worry for BJP, who currently holds three out of the five states that went in for elections. The exit polls predicted a tight finish between the ruling BJP and the Congress in Madhya Pradesh and Chhattisgarh and a win for the opposition party in Rajasthan.

A weakening rupee also affected the market sentiments which hit 71.44 per dollar during the trading session, and fresh foreign fund outflows further pulled the key indices. All sectoral indices on the BSE and NSE ended in the red, led by realty, banking, metal, pharma, pharma and financial stocks.

Kotak Bank shares fell flat by over 6 per cent after the bank announced that it has moved to the Bombay High Court against Reserve Bank of India (RBI) with respect to the bank reducing promoter holding using preference shares.

Read EquityPandit’s Technical Analysis of Indian Stock Market