Election worries: Markets tend to value stability and pro-market parties, and the upcoming UP election results have traders and investors worrying about the implications of an SP-Congress win. With exit polls predicting BJP wins or that BJP will emerge as the single largest party in a majority of states, markets are poised expectantly a win - a loss for Modi and the BJP parties would mean sharp losses for the markets in the following days. 

The Indian government's UPI payments app, as well as the launch of Aadhaar Pay, which enables banking transactions with Aadhaar+fingerprint, have forced electronic payment providers like PayTM and MobiKwik to cut fees and transaction costs. Executives are acknowledging that e-wallets as a standalone business are not viable, and adding additional services such as providing interest on deposits, to stay viable. 

Stock in spotlight: Jindal Steel and Power is rising strongly on news that the government plans local procurement from Indian companies of steel for government infrastructure and construction contracts. 

Photo of the day: Another in our Holi series: an elderly man covered in holi powder during festival celebrations in UP. Cathal Mcnaughton/Reuters