News Arena

Join us

Home
/

nifty-drops-6-biggest-fall-in-four-years

Economy

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, 04:52 PM - 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
Related News
A Harley-Davidson P-Type Sportster.

Harley-Davidson expands footprint in Chennai

July 27, 2024, 05:34 PM - 2 mins read

Representative Image.

PepsiCo India's revenue hits ₹5,954.16 crore

July 27, 2024, 04:09 PM - 3 mins read

G20 Sherpa Amitabh Kant.

G20 Sherpa Kant calls for consistent sugar policy

July 27, 2024, 03:32 PM - 2 mins read

The benchmark Sensex rebounded by 1,293 points, while the Nifty surged to a record high on Friday. This significant recovery broke a five-day losing streak, spurred by heavy value buying at lower levels and a strong rally in blue-chip stocks like Infosys, Airtel, and Reliance Industries.

Sensex jumps 1,293 points, Nifty peaks

July 26, 2024, 07:28 PM - 2 mins read

After five consecutive sessions of decline, the bulls took charge, pushing the benchmark indices back into the green. A sharp rally in metal and pharma stocks fueled the recovery, with the Sensex rising by 0.17% to 80,177 and the Nifty climbing 0.24% to 24,464 on Friday.

Sensex, Nifty rise after 5-day decline

July 26, 2024, 12:04 PM - 2 mins read

Parle has once again clinched the title of the nation's top brand for in-home consumption, according to Kantar’s annual Brand Footprint India 2024 report. 

Parle remains India's favorite FMCG brand

July 26, 2024, 11:39 AM - 2 mins read

The Odisha Assembly building. File photo.

Odisha govt unveils ₹2.65 lakh cr budget for FY’25

July 26, 2024, 07:57 AM - 4 mins read

The American economy, buoyed by robust consumer spending, is believed to have regained some momentum this spring after starting 2024 on a sluggish note.

U.S. Economy rebounds with 1.9% GDP growth

July 25, 2024, 05:30 PM - 3 mins read

https://www.instagram.com/thelaughclubofficial/
https://www.instagram.com/burraahhh_/

Economy

See All
A Harley-Davidson P-Type Sportster.

Harley-Davidson expands footprint in Chennai

July 27, 2024, 05:34 PM - 2 mins read

The new facility, sprawling over 3,000 sq ft, is located at Velappanchavadi, enhancing accessibility for Harley-Davidson enthusiasts and owners.

Read more
Assam Chief Minister Himanta Biswa Sarma with Defence Minister Rajnath Singh in New Delhi recently.

Assam on track to manufacture aircrafts and weapons: Sarma

July 27, 2024, 04:42 PM - 3 mins read

This development follows Sarma's recent meeting with Union Defence Minister Rajnath Singh in New Delhi, where they discussed the potential for a defence corridor in Assam.

Read more
The government is likely to take a decision on increasing the minimum selling price (MSP) of sugar within the next few days, Union Food Secretary Sanjeev Chopra said on Saturday.

Govt to decide on sugar MSP hike in coming days: Food Secy

July 27, 2024, 04:27 PM - 2 mins read

Industry bodies, including the National Federation of Cooperative Sugar Factories (NFCSF), have urged the government to raise the MSP to at least Rs 42 per kg to help mills sustain operations amid rising production costs.

Read more
Representative Image.

PepsiCo India's revenue hits ₹5,954.16 crore

July 27, 2024, 04:09 PM - 3 mins read

“We continue to see a lot of growth in many parts of the AMESA( Africa, Middle East & South Asia) region, in particular India is a big growth space for us and it’s an investment area for sure,” Laguarta had said. 

Read more
G20 Sherpa Amitabh Kant.

G20 Sherpa Kant calls for consistent sugar policy

July 27, 2024, 03:32 PM - 2 mins read

Highlighting the sector's importance, Kant noted that sugar contributes 1.1 per cent to the country's GDP and plays a pivotal role in reducing crude import bills, energy transition, promoting circular economy, and achieving net zero emissions.

Read more
The benchmark Sensex rebounded by 1,293 points, while the Nifty surged to a record high on Friday. This significant recovery broke a five-day losing streak, spurred by heavy value buying at lower levels and a strong rally in blue-chip stocks like Infosys, Airtel, and Reliance Industries.

Sensex jumps 1,293 points, Nifty peaks

July 26, 2024, 07:27 PM - 2 mins read

On Friday, all Sensex shares except for Nestle closed in the green. Bharti Airtel emerged as the biggest gainer, rising by over 4.51%. Other significant gainers included Adani Ports, Sun Pharma, Tata Steel, HCL Technologies, Infosys, JSW Steel, and Mahindra & Mahindra. Nestle was the sole loser, edging down by 0.07%.

Read more
The government announced its support for coal gasification projects, recognizing their significant potential to transform coal into a variety of valuable products.

Govt backs coal gasification to cut imports, boost economy

July 26, 2024, 06:02 PM - 2 mins read

By promoting coal gasification, the government aims to achieve partial import substitution for oil and gas, while also making cleaner use of the country’s abundant coal reserves. In a statement, the coal ministry emphasized that these projects could help conserve foreign exchange and bolster domestic industries.

Read more
After five consecutive sessions of decline, the bulls took charge, pushing the benchmark indices back into the green. A sharp rally in metal and pharma stocks fueled the recovery, with the Sensex rising by 0.17% to 80,177 and the Nifty climbing 0.24% to 24,464 on Friday.

Sensex, Nifty rise after 5-day decline

July 26, 2024, 12:04 PM - 2 mins read

Among the 13 indices, the Bank Nifty was the only laggard, dragged down by ICICI Bank, Federal Bank, and Axis Bank. "In the near term, banks are likely to underperform due to subdued earnings from major lenders like Axis Bank," noted an expert.

Read more
Parle has once again clinched the title of the nation's top brand for in-home consumption, according to Kantar’s annual Brand Footprint India 2024 report. 

Parle remains India's favorite FMCG brand

July 26, 2024, 11:39 AM - 2 mins read

Over the past five years, CRPs have surged by nearly 33 percent, although this year’s growth is a tad slower than last year's pace. The report noted a general slowdown in CRPs across most sectors, with dairy being the sole exception. Parle’s continued reign at the top is followed by other household names: Britannia, Amul, Clinic Plus, and Tata Consumer Products.

Read more
The Odisha Assembly building. File photo.

Odisha govt unveils ₹2.65 lakh cr budget for FY’25

July 26, 2024, 07:56 AM - 4 mins read

Emphasising agriculture and women's empowerment, Chief Minister Mohan Charan Majhi presented a budget that is approximately 15 per cent larger than the previous year's estimate of Rs 2.30 lakh crore.

Read more
The American economy, buoyed by robust consumer spending, is believed to have regained some momentum this spring after starting 2024 on a sluggish note.

U.S. Economy rebounds with 1.9% GDP growth

July 25, 2024, 05:30 PM - 3 mins read

Despite the anticipated uptick, the U.S. economy, the largest in the world, has evidently cooled due to the highest borrowing rates in decades. From mid-2022 through the end of 2023, the annualised GDP growth had exceeded 2% for six consecutive quarters.

Read more
Benchmark indices Sensex and Nifty remained under pressure for the fifth consecutive session on Thursday as investors offloaded metal, banking, and finance stocks amidst a bleak global market trend.

Heavy selling in metals, banking drags Sensex, Nifty down

July 25, 2024, 05:20 PM - 3 mins read

From the Sensex pack, Axis Bank declined over 5% following its underwhelming June quarter earnings. Other laggards included Nestle, Titan, ICICI Bank, Tata Steel, IndusInd Bank, ITC, JSW Steel, and State Bank of India. Conversely, Sun Pharma, Kotak Mahindra Bank, Bajaj Finance, and Power Grid ended in positive territory.

Read more

TOP CATEGORIES

  • Paris Olympics

QUICK LINKS

About us Rss FeedSitemapPrivacy PolicyTerms & Condition
logo

2024 News Arena India Pvt Ltd | All rights reserved | The Ideaz Factory