The markets which saw itself fluctuating in tune with the Karnataka poll result trends on Tuesday, was gripped in negative sentiment in Wednesday's early trading, as both and were losing 0.70 per cent.
Sector-wise, heavy selling pressure was witnessed in automobile, healthcare and capital goods stocks.
At 1.23 p.m., the wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading at 10,783.25 points - down 18.60 points or 0.17 per cent from the previous close of 10,801.85 points.
Despite the dampened sentiments seen during the end of the day, the 30-share Sensex surged over 436 points in early trade and the NSE Nifty soared almost 128 points before making a U-turn in the afternoon, as it became clear that no party would have a simple majority. "However, beyond today what will drive India's equity markets in the near term is not the outcome of these elections or any political issues, but the country's macros", said Deepak Jasani, Head of Retail Research, HDFC Securities. The company has market cap of INR52.73 billion.More news: Will perennial runner-up James Harden finally bag the NBA MVP?
At 11:20 a.m, the 30-share Sensex was trading at 35,867, up 310.54 points or 0.87%.
Additionally, a hung assembly in Karnataka kept the mood of the markets indecisive and spurred a risk-off sentiment in the market, Dey added. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 518.47 crore, while domestic institutional investors (DIIs) bought shares worth Rs 531.33 crore yesterday, as per provisional data.
The 30-share BSE index hit a high of 35,993.53 in morning trade.
To add to the markets' woes, the rupee plummeted by 52 paise in intra-day to trade at 68.03.More news: Tata Steel posts Rs 14688-cr net on one-off gain
On the NSE, the top gainers were Lupin, Wipro and Hindustan Unilever.
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