The Indian market opened negative, for the second consecutive session, after RBI governor Urjit Patel resigned from his post on Monday, citing 'personal reasons'.

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Patel's departure comes at a critical time for Indian investors, just before the crucial state elections outcome on Tuesday, in which the ruling Bharatiya Janata Party led by Narendra Modi is expected to lose ground.

The BSE Sensex sunk 375 points, to open at 34,584 points and the NSE Nifty fell 142 points, to open at 10,345 points. However, the market, at 09;20 AM, saw a slight recovery in the benchmark indices. The NSE Nifty recovered 30 points.

The market, however, is likely to remain volatile throughout the session due to political uncertainties and the developments in the RBI.

Yes Bank is the top index gainer of the hour, gaining more than 2 percent, while the IT stocks — Wipro and Tech Mahindra — were gaining after the rupee opened weak at 72.46 against the US dollar.

IndusInd Bank, HDFC twins, RIL were among the top index losers of the hour.

(With inputs from agencies)

First Published:Dec 11, 2018 9:41 AM IST