Closing bell: Sensex falls 3,900 points, Nifty at 22,000

Closing bell: Sensex falls 3,900 points, Nifty at 22,000

Sensex down 4,400 pts, Nifty around 21,900

Only seven stocks, Hindustan Unilever, Nestle India, Britannia Industries, Hero MotoCorp, Tata Consumer Products, Cipla, and Divi's laboratories, out of the 50 on the Nifty 50 were trading in the green

As the stock market crashed, numerous people had all sorts of reactions. Among them, many people took to X to post hilarious memes and jokes on the stock market. Read more

In a historical context, the Indian benchmark indices have only twice reported negative returns on Lok Sabha election result days out of the last six. The Nifty, which plunged over 8 percent in today’s intraday trading, also experienced a dip on the previous election result day, May 23, 2019, with a decline of 0.7 percent. Contrastingly, the markets recorded positive returns on all election result days prior to 1999.

Today’s trading session witnessed a significant reversal in the Indian markets, erasing Monday’s gains. This shift occurred as the Lok Sabha election results deviated from the positive predictions of exit polls. The unforeseen development triggered a wave of panic among investors, resulting in a frantic selloff that erased approximately ₹26 lakh crore in wealth during intraday trading.

Sensex down 3,900 points, Nifty at 22,000

CPI(M) General Secretary Sitaram Yechury on Tuesday slammed the exit polls that predicted a landslide victory for the BJP-led NDA, alleging that they were done to influence the share market.

Yechury's reaction came as the latest trends from the counting of votes in the 2024 Lok Sabha election suggested that the Opposition INDIA bloc is giving a strong fight to the ruling dispensation contrary to most of the predictions of the exit polls.

"Exit poll was done to influence the share market and those who wanted to make money in the share market yesterday made money. Now the reality is coming in front of you. Now let the full results come, after that, we will tell you. INDIA alliance is doing well," Yechury told ANI.

After the exit polls prediction, the key benchmark indices of Indian stock markets, the S&P BSE Sensex and NSE Nifty-50, surged over 3.3% to their all-time high on Monday.

In the previous trading session, all indices including Sensex and Nifty registered their best intraday gains with the exit polls showing Narendra Modi’s BJP winning over 350 seats and the National Democratic Alliance (NDA) grabbing between 360 and 400 seats. Read more

BSE Bank index declines 9%; Bank of Baroda down 16%, SBI down 13%

After the Lok Sabha election results are not coming in tune with the exit polls, the Indian stock market is under sharp sell-off pressure. The Nifty 50 index has fallen around 1000 points, the BSE Sensex has tanked around 2800 points, and the Bank Nifty index has crashed over 2800 points during Tuesday deals. According to the stock market experts, this fall is entirely on the short-term sentiments caused by the Lok Sabha Election results below the market estimates.

Shares of all Adani Group companies tumbled on Tuesday as the initial trend showed BJP winning a lesser number of seats than predicted in exit polls.

The stock of Adani Ports plummeted 20 per cent, Adani Energy Solutions plunged 19.80 per cent, Adani Power slumped 19.76 per cent, Ambuja Cements tumbled 19.20 per cent and the group's flagship firm Adani Enterprises tanked 19.13 per cent on the BSE.

Adani Total Gas declined 18.55 per cent, Adani Green Energy dived 18.31 per cent, NDTV went lower by 15.65 per cent, ACC plunged 14.49 per cent and Adani Wilmar dropped 9.81 per cent.

Erasing the record-rally of the previous trade, the 30-share BSE Sensex dropped 4,131.44 points or 5.40 per cent to 72,337.34, and the Nifty slumped 1,263.3 points or 5.43 per cent to 22,000.60.

Sensex and Nifty extended losses as the indices fell over 6 percent each today as trends showed that BJP-led NDA will return to power with a smaller majority- in contrast with exit polls. At 12.13 pm, Sensex was down 4,881 points or 6.4 per cent at 71,587. Nifty 50 was down 1,558 points or 6.7 per cent at 21,705 and about 283 shares advanced, 3,060 shares declined, and 61 shares remained unchanged. Read more

REC, PFC, BEL, BHEL tank more than 20% each today

The sectors which defied the trends were FMCG and healthcare, with NIfty FMCG, Nifty Pharma and Nifty Healthcare gaining 0.23%, 0.40% and 0.60%, respectively around 10:40 am.

Sensex tanks over 4000 points

A wave of volatility has gripped Dalal Street on counting day as investors rush to book profits, reacting to early Lok Sabha election trends that differ from the clear mandate exit polls gave to the BJP-led NDA.

Top gainers were HUL (up 2.58%), Britannia (1.82%), Apollo Hospitals (1.62%), Divi's Laboratories (1.52%), Sun Pharma (1.44%).

Top losers were Adani Enterprises (down 6.74%), Adani Ports (down 6.25%), Coal India (down 5.75%), Shriram Finance (down 5.28%) and ONGC (down 5.19%).

Global brokerage firm Jefferies highlighted potential for industrial sector to benefit from political continuity if Prime Minister Narendra Modi retains power. Among top picks for stocks that could rally by up to 33% are HAL, L&T, and ABB India.

Sensex tanks over 3,600 points as fear gauge India VIX skyrockets 36% today

The Adani group’s Ambuja Cements fell 6.50% to Rs.627. Adani Enterprises itself fell by 5.915% to Rs.3429.80. Adani Green Energy fell 5.11% to Rs.1933.50. ACC fell 4.52% to Rs.2556.50. Adani Wilmar fell 3.94% to Rs.353.85. Adani Power fell by 2.81% to Rs.850.40. Read more

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. If BJP doesn’t get a majority on its own there will be disappointment and this is getting reflected in the market."

All the sectoral indices were in the red, as investors booked profit, following Monday's record rally.

For instance, top sectoral gainers from Monday, the PSU Bank and Oil & Gas indices, were the top losers in early trades on Tuesday.

Investor wealth fell by ₹14.27 lakh crore to ₹411.64 lakh crore compared with a valuation of ₹425.91 lakh crore recorded in the previous session. All Sensex stocks were trading in the red. L&T, PowerGrid, SBI, Reliance, NTPC, HDFC Bank led the losses on Sensex, falling up to 4.86% in early deals.

Sensex was down 1,592.74 points or 2.08 per cent at 74,876.04, and the Nifty was down 488.30 points or 2.10 per cent at 22,775.60. About 519 shares advanced, 2573 shares declined, and 102 shares unchanged.

Nifty Banking index slips below 49,000

PNB, BoB among top laggards today