The Indian stock market saw negative performance on Thursday, May 17. A controversial situation surrounding the Karnataka Legislative Assembly elections continues to weigh on investor sentiment. Notably, Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) won the elections, but the BJP's result fell short of the majority needed to form a government. However, the head of the BJP’s regional block B S Yeddyurappa was sworn in as chief minister, triggering a violent protest from opposition parties. Recapping the benchmarks, the Nifty 50 dropped 0.54% to 10,682.70, while the BSE Sensex closed 0.67% lower at 35,149.12. By 10:46 GMT, the USD/INR currency pair traded up 0.04% to 67.755, while EUR/INR eased 0.29% to 79.7964. The 10-year government bond yield widened to 7.910%. Muthoot Finance retreated 1.3% after reporting weaker-than-expected quarterly revenue. Meanwhile, India’s steel industry giant Tata Steel shed 1.8% after releasing a quarterly report, that attributed the company’s strong earnings to a one-off pensions gain. Among the advancers, Divi’s Laboratories added 0.09% after the US Food and Drug Administration failed to find any violations in its investigation. The daily chart shows that the BSE Sensex has bounced off the upper line of Bollinger Bands, while the Slow Stochastic Oscillator and the RSI have left overbought territory. In view of the above, the benchmark may continue to descend in the short-term. $SENSEX, S&P BSE SENSEX INDEX / D