The broader NSE Nifty closed 1.01 percent or 106 points lower at 10,430.35, while the benchmark BSE Sensex fell 0.88 percent or 306 points to 34,344.91. Both the indexes fell over 1 percent in the last hour of trading.

Moody's said Oil and Natural Gas Corp and Oil India face increasing risk that govt will require them to share in fuel-subsidy burden, as oil prices rise. Firms have not contributed to fuel subsidies since June 2015, but had paid for over 40 percent  of the annual subsidy bill in previous years, Moody's said.

The 30-share Sensex opened in the green and hit a high of 34,754.60, but witnessed bouts of volatility. It finally settled at 34,651.24, showing a gain of 35.11 points, or 0.10 per cent. The index had lost 940.58 points in the previous five sessions as investors rushed to unwind bets following post-poll instability in Karnataka amid discouraging global cues.

Yogesh Mehta, vice president, retail research at Motilal Oswal, takes us through the market action this week.

Capital goods and auto sector stocks were the top sectoral losers on BSE. No let-up in selling by foreign funds and surging crude oil prices in global markets dragged down the key indices.

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The 30-share Sensex resumed higher at 35,483 and advanced to a high of 35,510. However, it slipped on profit-booking and touched a low of 35,087, before finally settling at 35,149, down 238 points, or 0.67 per cent. This is the benchmark's lowest closing since May 4 when it had closed at 34,915.

Ruchit Jain, Technical Analyst, Angel Broking, takes us through all the market action today. The Sensex and Nifty closed lower in trade today as uncertainties around the formation of the next government in Karnataka hurt investor sentiment.

Banking stocks led the losses with the BSE bankex falling 349 points or 1.17% to 29,357. 48 level. Bank Nifty too fell 291 points or 1.10% to 26,182 level.

Banking stocks fell the most with the BSE bankex plunging 291 points to 29,415. BSE oil and gas index too slipped 132 points to 14,600 in early trade. On the Sensex, Hero MotoCorp (3.64%), ICICI Bank (2.60%) , and SBI (2.51%) were the top losers.

The Sensex and Nifty erased all their gains since morning trade today after BJP struggled to reach the halfway mark of 112 seats to form the next government in Karnataka. Of 30 Sensex stocks, 16 ended lower. Sensex ends 12 points lower to 35,543, Nifty stands at 10,801, down 4.75 points. Watch BusinessToday.In's video where Sameet Chavan, Chief Analyst, Technicals and Derivatives at Angel Broking, takes us through the market action today.

While the Sensex closed 12 points lower to 35,543, Nifty stood at 10,801, down 4.75 points.  Of 30 Sensex stocks, 16 ended lower. The Indian rupee too followed the stock market and fell below the 68 mark for the first time since January 2017, closing at 68.07 level. The currency opened lower by 17 paise at 67.68 per dollar today against previous close of 67.51.

Sensex, Nifty close marginally lower after BJP falls short of halfway mark and Congress announces outside support to JDS to form the government in the state.  Sensex ends 12 points lower to 35,543, Nifty stands at 10,801, down 4.75 points

The Sensex closed about 21 points higher today after early gains were erased due to a sell-off by participants ahead of the outcome of Karnataka assembly elections. The broader 50-issue NSE Nifty edged up just 0.10 points to close at 10,806, after shuttling between 10,834 and 10,774. Watch BusinessToday.In's video where Ruchit Jain, Technical Analyst, Angel Broking, takes us through the market action today.