Markets decline despite BJP's northeast victory

New Delhi: The stock markets on Monday edged lower, despite the Bharatiya Janata Party's (BJP) landslide victory in Tripura elections over the weekend.

The Sensex, weighed by weak Asian cues and import tariffs on steel and aluminium in the United States, was down 262.34 points at 33,784.60.

Nifty, on the other hand, traded close to the 10,400-mark.

About two shares declined for every share rising on the Bombay Stock Exchange.

Aurobindo Pharma Ltd., Hindalco, Tata Motors, GAIL, and Bharti Infratel were down about two to four percent.

Tech Mahindra, TCS, Infosys, ICICI Bank, and State Bank of India were up about one percent.

Asian markets too edged lower and the Euro slipped early on Monday.

Japan's Nikkei 225 edged down 0.56 percent in early trade.

South Korea's benchmark Kospi slipped 0.23 percent.

The Indian rupee, however, opened higher by seven paise at Rs. 65.10 per dollar on Monday versus Rs. 65.17 on Thursday.