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Nifty drops 6%, biggest fall in four years

In the most significant single-day fall in four years, India's benchmark stock indices, Sensex and Nifty, plummeted nearly 6% on Tuesday as counting trends indicated that the ruling Bharatiya Janata Party (BJP) might fall short of a clear majority in the Lok Sabha elections.

News Arena Network - Mumbai - UPDATED: June 4, 2024, 04:22 AM - 3 mins read

In the most significant single-day fall in four years, India's benchmark stock indices, Sensex and Nifty, plummeted nearly 6% on Tuesday as counting trends indicated that the ruling Bharatiya Janata Party (BJP) might fall short of a clear majority in the Lok Sabha elections.

Nifty drops 6%, biggest fall in four years


In the most significant single-day fall in four years, India's benchmark stock indices, Sensex and Nifty, plummeted nearly 6% on Tuesday as counting trends indicated that the ruling Bharatiya Janata Party (BJP) might fall short of a clear majority in the Lok Sabha elections.

 

Reversing Monday's sharp gains of over 3%, the 30-share BSE Sensex nosedived 4,389.73 points or 5.74% to close at a more than two-month low of 72,079.05. During the day, the barometer tanked 6,234.35 points or 8.15% to hit a nearly five-month low of 70,234.43.

 

The NSE Nifty tumbled 1,982.45 points or 8.52% to 21,281.45 during intraday trading, before ending at 21,884.50, a sharp decline of 1,379.40 points or 5.93%.

 

 This marked the biggest decline since March 23, 2020, when the indices fell by about 13% due to the COVID-19 pandemic lockdown.

 

Heavy profit booking in sectors such as public sector units (PSUs), public banks, power, utilities, energy, oil and gas, and capital goods dragged the markets deep into negative territory.

 

Vinod Nair, Head of Research at Geojit Financial Services, commented, "The unexpected outcome of the general election sparked a wave of fear selling in the domestic market, reversing the recent substantial rally. Despite this, the market maintains its expectation of stability within the coalition, led by BJP as the major election winner, thereby mitigating substantial downside in the medium term. This is likely to lead to a major shift in political policy with a focus on social economics, which will have a positive effect on the rural economy."

 

Among the 30 Sensex companies, NTPC plunged over 15%, while State Bank of India tanked more than 14%. Larsen & Toubro and Power Grid both tumbled over 12%. Tata Steel, IndusInd Bank, Bharti Airtel, ICICI Bank, Axis Bank, Reliance Industries, and JSW Steel were among the other significant laggards. In contrast, Hindustan Unilever jumped 6%, and Nestle climbed 3%. Tata Consultancy Services, Asian Paints, and Sun Pharma also emerged as gainers. All sectoral indices, except for FMCG, closed in the red.

 

The counting of votes on Tuesday showed disappointing results for the BJP-led NDA in key strongholds such as Uttar Pradesh, Haryana, and Rajasthan. However, the coalition is still expected to form the government with about 290 seats.

 

Foreign Institutional Investors (FIIs) had bought equities worth Rs 6,850.76 crore on Monday, according to exchange data.

Related Tags:#Nifty#Stock Market
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