The market continues to trade in the red, but is off lows, with the BSE Sensex trading at 35,433 points and the NSE Nifty trading at 10,760 points, amid the political uncertainty revolving the Karnataka government formation and weak global cues.

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The market has slightly recovered, though in the red, after the buzz that Karnataka Governor Vajubhai Vala is likely to be in favour of JD(S) - BJP alliance, rather than JD(S) - Congress alliance.

The market is also under pressure due to persistent weak global cues today. In stocks, the Punjab National Bank (PNB) has dived by nearly 12% in trade after posting a massive loss of more than Rs 13,000 crore in its Q4 earnings.

Hindalco is among the top gainers ahead of releasing its quarterly earnings. ITC, Hindalco, Tata Steel, Century Ply, among others will declare their quarterly results today.