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Election nervousness grips market: Sensex and Nifty plunge over 1%

Key gainers on the Nifty included Hero MotoCorp, Tata Motors, M&M, and Bajaj Auto, while losers included L&T, Divi's Laboratories, Coal India, and Britannia.

News Arena Network - Mumbai - UPDATED: May 9, 2024, 01:26 AM - 2 mins read

The Indian stock market continued its downward trajectory today, with the Sensex and Nifty 50 both shedding more than 1 percent amid ongoing nervousness surrounding the general elections.

Election nervousness grips market: Sensex and Nifty plunge over 1%


The Indian stock market continued its downward trajectory today, with the Sensex and Nifty 50 both shedding more than 1 percent amid ongoing nervousness surrounding the general elections.

 

The indices experienced heightened volatility, attributed in part to the weekly Nifty options expiry.

 

Leading the decline was Larsen & Toubro, one of the Nifty 50 companies, which saw its shares plummet nearly 5 percent.

 

The company revised its future margin guidance downward for FY25 to 8.2-8.3 percent, citing supply chain disruptions, political uncertainty, and ongoing conflicts as contributing factors.

 

The broader market also witnessed significant selling pressure, with both the BSE Midcap and Smallcap indices falling over 1 percent each.

 

Market breadth remained skewed towards declines, with 918 shares advancing, 2258 declining, and 95 unchanged.

 

Financial services and construction companies bore the brunt of the downturn, while automobile and IT firms emerged as the major gainers.

 

Commenting on the market outlook, Gaurang Shah, Senior Vice President at Geojit Financial Services, warned of continued volatility until election results are announced, suggesting the Nifty could dip below 22,000.

 

Shrey Jain, Founder and CEO of SAS Online, attributed the increased market volatility to the ongoing results season and union elections.

 

He advised investors to exercise caution in their short-term outlook.

 

Key gainers on the Nifty included Hero MotoCorp, Tata Motors, M&M, and Bajaj Auto, while losers included L&T, Divi's Laboratories, Coal India, and Britannia.

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