Nifty fails to settle above 10,400 as BJP's tally in Gujarat narrows

The benchmark indices recovered all its initial losses on Monday as Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) appeared to win Gujarat for a sixth term, but Nifty50 failed to end above its crucial 10,400 mark 

Earlier in the session, the indices had dropped as much as 2.5% each, posting their biggest intraday loss in more than a year as initial counting showed a close fight between the ruling Bharatiya Janata Party and the main opposition Congress party.

The Election Commission of India will announce the Assembly election results on eci.nic.in. 

Exit poll findings had also given the BJP an upper hand in both Gujarat and Himachal Pradesh.

Overseas, Asian shares edged up with sentiment boosted by expectations US lawmakers will pass a long-awaited tax bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world’s second largest economy.