- At 9:58 am, the Sensex traded 124.57 points - or 0.33 per cent - lower at 37,664.56, while the Nifty was down 42.15 points at 11,317.30.
- Reliance Industries, Bharat Petroleum, NTPC and PowerGrid, trading between 1.66 per cent and 2.34 per cent lower, were the top laggards on the 50-scrip benchmark index at the time.
- Reliance Industries, HDFC Bank and ITC were the heaviest drags on the Sensex.
- Energy stocks registered sharp losses despite easing crude oil prices. The Nifty Energy index - comprising oil & gas and power stocks - fell as much as 1.92 per cent in morning deals.
- Market breadth favoured the losses, as 492 stocks on the NSE traded higher against 1,016 that traded lower. On the BSE, 520 stocks advanced while 871 declined.
- Analysts say caution prevails among investors ahead of the outcome of the election results.
- "The markets seem to have no particular support or resistance in place at the current juncture... Best to stay out of the market till election results are out," AK Prabhakar, head of research at IDBI Capital, told NDTV.
- Equities in other Asian markets hit six-week lows in early trade with MSCI's broadest index of Asia-Pacific shares outside Japan edging down 0.3 per cent to its lowest level since March 28. Japan's Nikkei average shed 0.9 per cent to its five-week low.
- Investor focus has zeroed in on trade issues this week with Chinese Vice Premier Liu He expected to try to salvage a deal during negotiations with the US in Washington on Thursday and Friday. That would avoid a sharp increase in tariffs on Chinese goods scheduled to take effect on Friday.
- Stocks extended earlier losses in Asian trade after US President Donald Trump said that China "broke the deal" in trade talks with Washington and would face stiff tariffs if no agreement is reached.
(With inputs from Reuters)
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