The Karnataka election outcome led to wild swings in the market. The Sensex closed flat at 35,544 after trading in the range of 496 points, while the Nifty slipped from the high of 10,929.20 to close at 10,802.

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Midcaps continued the underperfomance as the leading index slipped 178 points to 19,097.

Nifty Bank also had a wild run, before closing flat at 26,474. Major index losers were SBI, Reliance, Tata Motors & ITC. Some stocks that that held the gains in the weak session, were HDFC Bank, TCS, Tata Steel & Kotak Mah Bank.

On the earnings front, PNB reported the loss of over Rs 13,000 crore against the expectation of Rs 3,114.7 crore loss. It also reported operating loss for the first time, resulting in a 4% fall.

Lupin, also reported a loss of Rs 783.50 crore due to a one-time loss of Rs 1,464.3 crore on Gavis Group acquisition. The stock closed mildly in the red.

Amongst midcaps, Karnataka Bank saw asset quality worsening to 4.92% against 3.97% last quarter, resulting to 2% fall in the stock.

In derivatives, Nifty 10,800 & 10,900 Puts were the most active options, with both the calls adding 10 lakh and six lakh shares each in the open interest.

And, 10,400 Put shed 7 lakh shares. Nifty May Futures premium at 14 points against Monday’s level of 8.1. Most active stocks have been Allahabad Bank, Pidilite and Power Grid.

The Nikkei 225 hovered around the flat line, before closing lower by 47.84 points at 22,818.

Gains seen in banking stocks, with Mitsubishi UFJ Group up 1.71%, were offset by declines in the real estate sector, among others. In Seoul, the benchmark Kospi fell 0.71% to 2,458.54 as technology stocks weighed.

Heavyweight Samsung Electronics fell 1.8% while chipmaker SK Hynix gave up early gains to slide 0.94%. The Shanghai composite advanced 0.58% to end at 3,192.58 and the Shenzhen composite rose 0.91% to 1,839.88.