Sensex, Nifty Down as early Election Results Reflect in Share Market

Counting of votes has started in five states and early signs show a lot of promise for congress.

The domestic stock markets opened sharply lower after RBI governor Urjit Patel’s resignation and ahead of the crucial state elections outcome. The 30-share Sensex shed 375 points to open at 34,584.13, while the Nifty 50 tanked to 10,350-level.

India’s rupee and bonds plunged following Reserve Bank of India Governor Urjit Patel’s unexpected resignation after market hours on Monday shocked investors.

The Indian rupee came off earlier lows at 72.1350 to the dollar after opening at 72.46, but was sharply lower from its close of 71.35 on Monday.