Sensex falls nearly 500 points ahead of Delhi results

MUMBAI (Reuters) – The BSE Sensex over 1.5 percent on Monday, falling for a seventh consecutive session, as exit polls showed Prime Minister Narendra Modi facing electoral defeat in Delhi, raising concerns that the government may not gain control in the upper house of the parliament.

The anti-corruption Aam Aadmi Party, or Common People’s Party, is likely to win 38 seats in the 70-seat New Delhi assembly, according to the average of four opinion polls released on Saturday after the voting had ended.

Falls also tracked weak corporate earnings, lower Asian shares and caution ahead of gross domestic product data, due at 05:30 p.m, for the first half of fiscal 2014/15 that will use a new method to recalculate growth.

The benchmark BSE Sensex fell 1.7 percent, marking its biggest daily fall since Jan. 6, while the Nifty ended 1.56 percent lower.

The falls matched a seven-day losing streak in November 2013. Larsen and Toubro (LART.NS) fell 6.6 percent after its quarterly profit lagged estimates while it also reduced order book growth outlook.

(Reporting by Abhishek Vishnoi; Editing by Anand Basu)

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