Sensex heads southward for Delhi poll

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Mumbai: Benchmark indices finished lower for the seventh straight session as investors remain wary ahead of the Delhi assembly election result due tomorrow, as exit polls showed BJP facing electoral defeat in Delhi, raising concerns that the government may not gain control in the Upper House of Parliament.

According to exit polls conducted on Saturday, it is predicted that Arvind Kejriwal is most likely to be Delhi’s Chief Minister with his party getting a majority in the Delhi assembly. In other news, the Government today said it has launched prosecution of 60 people under the suspicion of stashing black money. Such a situation has some adverse effect on stock market.

The benchmark BSE index fell 1.7 per cent, marking its biggest daily fall since January 6, while the NSE index ended 1.56 per cent lower.The 30-share index ended down 490 points or 1.71 per cent at 28,227.39. Similarly  National Stock Exchange Nifty tanked 134.70 points or 1.56 per cent to 8,526.35.
Again, Indian rupee weakened to over three week low against the dollar, down 38 paise to Rs 62.07 on sustained bouts of demand for the greenback from banks and importers amid bullish US currency overseas.