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Election result day disaster for stock markets, Sensex tanks 2700 points
Stock Market Crash: Market capitalisation of all listed companies on BSE declined by ₹8.78 lakh crore to ₹417.13 lakh crore
Stock Market Crash: Sensex fell 2,700 points today dragged by heavyweights Reliance Industries and financial stocks as investors adopted a risk-averse stance ahead of the announcement of Lok Sabha election results. As of 9:20 am, the BSE Sensex was trading 2,800 points, or 3.66%, lower at 73,669.28. Nifty50 was down 809 points, or 3.6%, trading at 22,409 while volatility gauge India VIX also spiked 20% to 25 levels. Market capitalisation of all listed companies on BSE declined by ₹8.78 lakh crore to ₹417.13 lakh crore.
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From Sensex, Reliance Industries and HDFC Bank contributed to a 565-point decline in the index. Other stock dragging the index downwards were L&T, SBI, ITC, NTPC, and Power Grid.
This comes after exit polls that projected a big win for PM Modi led markets to all-time highs on Monday. Early leads so far showed Bharatiya Janata Party-led NDA alliance pulling ahead in more than 290 seats.
The top losers on Nifty today included Adani Ports, Adani Enterprises, L&T, ONGC and Coal India.
All sectors are in red except pharma & healthcare indices, with oil & gas and PSU banks losing the most today.
Adani group stocks tumble as much as 11% today despite Morgan Stanley being ‘overweight’ on Adani Ports, targeting Rs.1,517 per share. Adani ports fell nearly 9% as of 9:45 A.M.
Reliance Industries dropped 2.7% to Rs.2934 per share as of 9:55 A.M. Morgan Stanley had also considered Reliance as ‘Overweight,’ targeting Rs.3,046 a share.
Larsen & Toubro fell 3.35% to Rs.3766, ONGC fell 5.56% to Rs.268.25 and Coal India fell 6.16% to Rs.480 as of 10.AM.
SBI shares fell 5.34% to Rs.857.40, ITC dropped 2.01% to Rs.421.90, NTPC fell 4.81% to Rs.373.10, and Power Grid fell 5.66% to Rs.318.60.
