Mumbai, May 15: Uncertainty over government formation in Karnataka depressed the key Indian equity indices on Tuesday. According to analysts, panic selling was witnessed in the later hours of the day's trade as the key indices ceded gains made during the morning session.

Earlier in the trade session, the barometer Sensex of the BSE had surged over 400 points after early election trend hinted a clear majority for the Bharatiya Janata Party (BJP). The party, however, fell a few Assembly seats short of the clear majority mark.

Even the broadly subdued Asian indices and disappointing macroeconomic inflation data points released on Monday dented investor sentiments.

Sector-wise, heavy selling pressure was witnessed in automobile, healthcare and capital goods stocks.

At 3.30 p.m., the S&P BSE Sensex, which had opened at 35,537.85 points, provisionally closed at 35,543.94 points, lower by 12.77 points or 0.04 per cent from the previous day's close at 35,556.71 points.

It touched a high of 35,993.53 points and a low of 35,497.92 during the intra-day trade. The BSE market breadth was bearish with 1,616 declines and 1,024 advances.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) closed at 10,801.85 points -- down 4.75 points or 0.04 per cent -- from the previous close of 10,806.50 points.

The major gainers on the BSE were Tata Steel, Power Grid, IndusInd Bank, Tata Consultancy Services (TCS) and Asian Paints while Tata Motors (DVR), Tata Motors, State Bank of India, Coal India and Sun Pharma were the major losers. On the NSE, the top gainers were Tata Steel, Power Grid and Bajaj Finance. The major losers were Tata Motors, State Bank of India and Coal India.

(The above story first appeared on LatestLY on May 15, 2018 05:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).