Big fall in stock market todayIndian stock markets fell sharply on Tuesday as vote-counting trends indicated Prime Minister Narendra Modi's coalition may fall short of an expected landslide victory.
Benchmarks BSE Sensex The rupee fell more than 4,300 points, its worst performance in four years and also wiped out its gains for 2024.The broader NSE Nifty also fell a massive 1,379 points or 5.93% to close at 21,884.
The market capitalisation of all companies listed on the BSE took a massive hit, losing Rs 29.9 lakh crore, taking the total capitalisation to Rs 396 lakh crore. According to an ET report, the indices fell as much as 8.5% at one point during the day, reminiscent of the market turmoil seen during the onset of the Covid-19 pandemic.
Read this also | Adani Group shares fall sharply due to huge drop in stock market! M-cap falls by Rs 3 lakh crore
The sharp drop comes after the indices jumped over 3% a day after exit polls predicted a two-thirds majority for the BJP-led alliance in the Lower House.
“The unexpected outcome of the general elections triggered a wave of fear-driven selling in the domestic markets, thereby capping the recent gains,” said Vinod Nair, Head of Research at Geojit Financial Services.
As of 3:45 pm, the National Democratic Alliance (NDA) was leading in around 293 seats, short of the magic figure of 272 needed for a simple majority in the 543-member lower house of Parliament.
Read this also | RIL share price today: Reliance Industries stock drops 10%; Investors lose Rs 1.67 lakh crore due to uncertainty over Lok Sabha results
Adani Group stocks bore the brunt of the selloff in the market, closing down by 10-21%. Among the Sensex pack, NTPC, SBI, L&T and Power Grid lost 12-15%.
Almost all sectoral indices closed in deep red, with Nifty Bank falling 8%, Realty 9.6%, PSU Bank 15%, Oil & Gas 11.8% and Metals 10.6%. Smallcap and Midcap indices also closed down 8.2% and 7.9%, respectively.
Benchmarks BSE Sensex The rupee fell more than 4,300 points, its worst performance in four years and also wiped out its gains for 2024.The broader NSE Nifty also fell a massive 1,379 points or 5.93% to close at 21,884.
The market capitalisation of all companies listed on the BSE took a massive hit, losing Rs 29.9 lakh crore, taking the total capitalisation to Rs 396 lakh crore. According to an ET report, the indices fell as much as 8.5% at one point during the day, reminiscent of the market turmoil seen during the onset of the Covid-19 pandemic.
Read this also | Adani Group shares fall sharply due to huge drop in stock market! M-cap falls by Rs 3 lakh crore
The sharp drop comes after the indices jumped over 3% a day after exit polls predicted a two-thirds majority for the BJP-led alliance in the Lower House.
“The unexpected outcome of the general elections triggered a wave of fear-driven selling in the domestic markets, thereby capping the recent gains,” said Vinod Nair, Head of Research at Geojit Financial Services.
As of 3:45 pm, the National Democratic Alliance (NDA) was leading in around 293 seats, short of the magic figure of 272 needed for a simple majority in the 543-member lower house of Parliament.
Read this also | RIL share price today: Reliance Industries stock drops 10%; Investors lose Rs 1.67 lakh crore due to uncertainty over Lok Sabha results
Adani Group stocks bore the brunt of the selloff in the market, closing down by 10-21%. Among the Sensex pack, NTPC, SBI, L&T and Power Grid lost 12-15%.
Almost all sectoral indices closed in deep red, with Nifty Bank falling 8%, Realty 9.6%, PSU Bank 15%, Oil & Gas 11.8% and Metals 10.6%. Smallcap and Midcap indices also closed down 8.2% and 7.9%, respectively.