Sensex Tumbles Over 1700 points on Lok Sabha Result Day

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Sensex Tumbles Over 1700 Points on Lok Sabha Result Day

| Updated: June 4, 2024 10:42

Indian equity benchmark indices BSE Sensex and Nifty50 are in early trade today, i.e. June 4. The ECI started counting votes at 8 a.m., and initial trends suggest that the BJP-led NDA will not make the gains that the exit polls predicted. BSE Sensex and Nifty 50 hit lifetime highs on Monday and closed at record highs after rising over 3%. However, the Sensex fell over 2,000 points, while the Nifty also fell by over 3 percent, at the opening of the market on election result day.

The Bank Nifty index fell over 3% to trade near 49,200. Notable stocks that retreated included AU Small Finance Bank, ICICI Bank, Fabrella Bank, HDFC Bank, IDFC First Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, Bandhan Bank and State Bank of India.

Nifty VIX rose 8 percent to 22.61 points today. Today, a massive decline of 6 percent was seen in oil and PSU index. GAIL’s shares fell nearly 9 percent. Shares of ONGC also fell by 6 percent. Shares of Adani Total Gas also fell by 9 percent.

Shares of Adani Entertainment, Adani Ports, Coal India, NTPC, Power Grid, ONGC, and SBI India saw heavy selling in early trading on Tuesday. Shares of these companies have fallen by more than 5 percent. Adani Energy Solutions was down more than 13 percent, Adani Enterprises about 10 percent, Adani Green shares were down 17 percent, and and Adani Power and NDTV shares were down 12 percent.

As per the initial trend, the opposition is currently leading in more than 100 seats and there is no clear majority for the BJP at present. This uncertainty is negative for the market. It is advisable to wait till at least 12 pm for a clear picture of the political scenario, The market may react to the final results,

Also Read: Gujarat Tenure Ending Soon, Delhi Beckons K Kailashnathan in Modi 3.0?

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