India’s stock market closed moderately lower on Wednesday, May 16. The market took its cue from US trading floors, which closed in the red on Tuesday. Indices came under pressure of a jittery and dramatic situation surrounding the Karnataka Legislative Assembly elections. Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) won the elections. However, the BJP's result fell short of the majority needed to form a government. Uncertainty over the future of the state government capped upside in Indian stocks. Recapping the benchmarks, the Nifty 50 eased 0.56% to 10,741.10, while the BSE Sensex closed 0.44% lower at 35,387.88. The USD/INR currency pair dipped 0.44% to 67.845. The 10-year government bond yield widened 0.15% to 7.915%. Among the underperformers in the blue-chip universe, Hero MotoCorp, HDFC and Bharti Airtel shed about 1.0%. Meanwhile, Hindustan Unilever and Tata Motors gained over 1.0% Punjab National Bank, a state bank involved in scandal, tanked 12% after reporting a record loss in the history of Indian banking sector. Syndicate Bank plummeted 12.5% after reporting a bigger-than-expected quarterly loss. Reliance Communications plunged 15.3% after a court order to initiate bankruptcy proceedings based on a lawsuit from the Swedish company Ericsson, which did not wait for RCom to repay its huge debts. From a technical standpoint, a long-legged doji candlestick pattern, indicating a local reversal to the downside, shaped up on the daily chart of the BSE Sensex.