Poll uncertainties pull Sensex down 193 points

The Sensex fell to its lowest close this month on Monday as fears that general elections may produce a split verdict sparked profit-taking for the second successive session. The 30-share BSE Sensex fell 193.44 points at 11,682.99,its lowest close since April 29 and followed a 2 per cent drop on Friday. The 50-share NSE Nifty index fell 1.8 per cent to 3,554.60 points.

The benchmark sensex,which initially rose 1.3 per cent,is still up 45.2 per cent from its 2009 low in early March. Investors are worried neither the ruling Congress party coalition or the main opposition BJP-led group will win a clear majority on its own,leaving the possibility of a loose coalition of regional parties.

The election results are due on Saturday,and exit polls after the month-long elections end on Wednesday are expected to keep trading volatile this week. Reliance Industries and State Bank of India led the main index lower,but ICICI Bank and HDFC Bank bucked the trend and rose. If a relatively stable coalition comes to power,shares are expected to resume their upward move as longer-term factors bode well for the Indian market.

ens with agencies