Indian stocks suffered their worst intraday fall since March 2020 as vote counting trends suggested Prime Minister Narendra Modi's NDA alliance was unlikely to win the overwhelming majority predicted by exit polls. The NSE Nifty 50 index closed down 5.93% at 21,884.5 points, and the S&P BSE Sensex fell 5.74% to 72,079.05. The indexes fell as much as 8.5% earlier in the day, after hitting record highs on Monday.
Ken Peng, head of investment strategy, Asia, at Citi Global Wealth, said, “The key question is whether BJP can retain single-party majority. If not, then would its coalition be able to deliver economic development, particularly infrastructure?”
The indexes saw their worst fall since March 2020, erasing all of Monday's gains.
Biggest losers today
PSU stocks were the biggest losers as trading was temporarily suspended after a fall of 15 per cent. The biggest losers were BEL, PFC and REC. Financial services and oil and gas stocks also fell today. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The steep fall is due to the results so far falling short of the exit polls which the market had discounted yesterday (June 3). If BJP doesn’t get a majority on its own there will be disappointment and this is getting reflected in the market.”
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{{/usCountry}}Anand James, chief market strategist at Geojit Financial, said, “Since exit polls were at an extreme, anything that doesn't point to more strength is obviously a negative. Despite exit polls giving a resounding victory for the ruling party, markets volatility gauge did not go down below 20, as it was pricing in an outlier.”
Nifty gainers today
HUL, Hero MotoCorp, Britannia, Divis Labs, Sun Pharma were major Nifty gainers today.
Nifty losers today
Adani Ports, Adani Enterprises, Coal India, NTPC, SBI are the biggest Nifty losers today.
Sensex gainers today
HUL, Sun Pharma, Titan Company, Nestle, Asian Paints gained the most in Sensex.
Sensex losers today
NTPC, SBI, Power Grid Corp, L&T, Axis Bank lost the most in Sensex today.