The BSE-listed companies have now lost over ₹30 lakh crore in market capitalisation after the NDA-led government appears to be falling short of what the exit polls had predicted. As of 3:30 PM, the Narendra Modi-led NDA led on 295 seats, while the I.N.D.I.A alliance is leading on 232 seats.
This is the biggest single-day fall for the Nifty since May 2020. The broader markets are witnessing a sharper fall. Both the Nifty Midcap and the Nifty Smallcap index are down over 8% in today's session.
The India VIX also gained 23% as the market remained extremely volatile. The VIX had declined 15% on Monday post the exit poll results.
All sectoral indices are ended with losses. The Nifty Bank index fell 8%, the Auto index shed 3.3%. The Nifty Metal index had a 10% fall, while the PSU Bank index is witnessing its biggest drop since 2021 and is down 15%.
The Nifty Realty index also declined 10%, while the Oil & Gas index has declined 11.8% at the close of trade. The PSE index, an index of state-run companies, after an 85% surge in 2023 and a 45% surge so far this year, shed 15%. Almost all PSU stocks are down between 10% to 20%.
"Undoubtedly market is on the way up because of exit poll and now the actual results are way below what exit polls were indicating and that's why there is a correction in the market. Investors are looking forward to the actual results. Markets had factored in continuity of government and policy push towards accelerated growth. With this kind of result, people will wait on the margin to see what kind of formation happens," Nilesh Shah of Kotak Mahindra AMC said.
"Support seems to be very fragile. Immediate support is visible at the psychological level of 22,000, below which the index might fall further towards 21,400-21,500. Recovery looks possible once the trend moves in favor of the BJP winning the election comfortably," said Rupak De of LKP Securities.
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This is the biggest single-day fall for the Nifty since May 2020. The broader markets are witnessing a sharper fall. Both the Nifty Midcap and the Nifty Smallcap index are down over 8% in today's session.
The India VIX also gained 23% as the market remained extremely volatile. The VIX had declined 15% on Monday post the exit poll results.
All sectoral indices are ended with losses. The Nifty Bank index fell 8%, the Auto index shed 3.3%. The Nifty Metal index had a 10% fall, while the PSU Bank index is witnessing its biggest drop since 2021 and is down 15%.
The Nifty Realty index also declined 10%, while the Oil & Gas index has declined 11.8% at the close of trade. The PSE index, an index of state-run companies, after an 85% surge in 2023 and a 45% surge so far this year, shed 15%. Almost all PSU stocks are down between 10% to 20%.
"Undoubtedly market is on the way up because of exit poll and now the actual results are way below what exit polls were indicating and that's why there is a correction in the market. Investors are looking forward to the actual results. Markets had factored in continuity of government and policy push towards accelerated growth. With this kind of result, people will wait on the margin to see what kind of formation happens," Nilesh Shah of Kotak Mahindra AMC said.
"Support seems to be very fragile. Immediate support is visible at the psychological level of 22,000, below which the index might fall further towards 21,400-21,500. Recovery looks possible once the trend moves in favor of the BJP winning the election comfortably," said Rupak De of LKP Securities.
You can catch the live markets coverage on CNBC-TV18.com right here.
For all the live election updates, tune in here.
First Published: Jun 4, 2024 1:02 PM IST
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