New Delhi: On Tuesday, the Sensex fell more than 1,500 points, while the Nifty fell more than 500 points amid early trends on Lok Sabha election counting day. The Sensex began 1,544.14 points, or 2.02%, lower at 74,924.64, while the Nifty opened 491.10 points, or 2.11 percent, lower at 22,772.80.
Approximately 891 shares advanced, 1,572 shares decreased, and 121 shares stayed unchanged. Market experts warned investors not to rush into buying, especially if the results confirmed the exit poll findings. “Remain invested in largecaps and do some profit booking in smallcaps,” experts said.
On Monday, stock markets gained more than Rs 12 lakh crore, or 3.25 percent. Exit polls projecting the NDA government retaining power by a landslide propelled the Sensex and Nifty to record highs on Monday.
The Sensex and Nifty logged their biggest single-day gains since February 1, 2021, when indices jumped nearly 5% after the budget presentation. Interestingly, the Sensex and Nifty surged more than 3% on May 20, 2019, after exit polls predicted a big win for the BJP-led NDA in the 2019 general elections.
The market capitalization of BSE-listed businesses increased to ₹4,25,91,511.54 crore (USD 5.13 trillion).
On the BSE, 2,346 stocks climbed, 1,615 sank, and 154 stayed unchanged.
The market capitalization of NSE-listed businesses reached ₹422.48 lakh crore (USD5.09 trillion).
The Indian economy expanded by 8.2 percent in the fiscal year that ended in March, solidifying its position as the world’s fastest-growing major economy.
Adani Group stocks are particularly under attention, as they fell by 5-10% earlier today. This comes after the BSE Sensex and NSE Nifty 50 reached all-time highs on Monday, boosted by exit polls indicating a slight rise in seats for the BJP government.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated, “The significant drop is attributable to the results so far falling short of the exit polls, which the market dismissed yesterday. If the BJP does not win a majority on its own, there will be disappointment, which is being reflected in the market. It is also feasible that Modi 3.0 would not be as reform-oriented as the market thought and will instead focus on welfare. This is being reflected in the strength of FMCG stocks.
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