Showing no effect of poll results and RBI governor's Urjit Patel's shocking exit, Sensex on Tuesday recovered from its 500-point fall. The BSE benchmark index closed in green, ending 190 points higher. Nifty on the other hand settled on 10,549 mark. 

Earlier in morning, Sensex witnessed a sharp fall of 482.68 points at 34477.04, while the Nifty traded lower 116.70 points at 10371.80. 

With a negative breadth, sectors such as banks, automobiles, energy, consumption, and metals were amongst the top losers. 

The Indian rupee too began trading on a negative note, with over 1.5 percent fall at 72.46 per US dollar.

It was widely expected that the BJP performance in five assembly polls and Urjit Patel's resignation would take a toll on domestic equity markets. 

The Congress was leading in the BJP-ruled states of Rajasthan and Chhattisgarh and was locked in a close fight in Madhya Pradesh while the TRS forged ahead in Telangana and the MNF in Mizoram, trends indicated on Tuesday as votes for elections in the five states were counted.

Counting of votes is underway for 679 assembly seats in the five states -  Rajasthan, Madhya Pradesh, Chhattisgarh, Mizoram and Telangana. Polling was countermanded on one seat due to the death of a candidate in Rajasthan.

In Madhya Pradesh, the picture is changing minute to minute, in an electoral exercise which is being seen as a semi-final to 2019.

In Rajasthan the party has avoided naming a chief ministerial candidate, to ensure the faction-ridden state leadership remains united.

These five Assembly elections would be crucial for the BJP as it gears up for the Lok Sabha election next year and is in power in three of these states - Rajasthan, Madhya Pradesh and Chhattisgarh. While the Congress is in power in Mizoram, Telangana Rashtra Samithi ruled Telangana before the Assembly was dissolved.