Markets are expected to open on a subdued note tracking weak Asian peers and investors turning to the sidelines ahead of state election polls today.
Analysts expect markets to swing in either direction taking cues from the assembly election results in Tami Nadu, Puducherry, Kerala, Assam and West Bengal. The results of the state elections are important for ruling UPA (United Progressive Alliance) government government whose image has buffeted by a raft of scandals.
Other markets in Asia were weak following rate hike by People’s bank of China. Hang Seng and Shanghai Composite were trading marginally lower, down 0.5% and 0.1%. Resource shares continued to slide for the second consecutive as commodity prices weighed. Japan's Nikkei Stock Average was down 0.5% led by losses in technology shares.