Sensex Today Highlights: Nifty 50 closes below 22,000, Sensex down 3,900 points; Adani Ports top loser

Frontline Indices Fall Up To 8%, Biggest Single-day Fall In 4 Yrs
Except FMCG, All Indices Slip, Volatility Indices Rises Up To 48%
BSE-listed Cos Erase Market Cap Of Nearly `30 Lakh Crore
Market Capitalisation Of BSE-Listed Cos Back Below `400 Lk Cr
Market Breadth Firmly In Favour Of Declines, Adv-Decline Ratio At 1:14
Nifty Falls 1,379 Points To 21,885 & Sensex 4,390 Points To 72,079
Nifty Bank Slides 4,051 Pts To 46,929 & Midcap Index 4,203 Pts To 49,151
PSU Stocks Amongst Biggest Losers, All PSE & CPSE Constituents Fall
PSU Stocks Fall Up To 25% With Power Financiers Being Biggest Losers
FMCG Stocks Lend Support To Market, 70% Of Index Constituents Rise
BHEL, Hind Copper, BEL, Nalco, SAIL , CONCOR Biggest PSU Losers
Adani Grp Stocks See Major Selling, Fall 10-21%, `3.6 Lk Cr Mkt Cap Erased
Sun TV Ends With Minor Gains On DMK’s Performance In Tamil Nadu
Consumption-related Stocks See Healthy Gains, Dabur, Colgate Top Gainers

Brokerage firm UBS remains “underweight” on the Indian market when it comes to comparing it with other Emerging market peers. The brokerage wrote in its note that the current Lok Sabha election outcome was not something that the market was anticipating.

As per the current trends, even as the National Democratic Alliance (NDA) remains above the majority mark of 272, the Bharatiya Janta Party remains below that mark on a standalone basis.

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Suresh Ganapathy, MD, Head-Financial Services Research, Macquarie Capital Securities believes that the focus will shift back to the private sector banks as they are still reporting pretty stable earnings growth in return on assets (ROAs).

“The ROAs of the private sector banks across the board is 16 to 18 percent,” he said in an interview with CNBC-TV18.

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The board of state-run Punjab National Bank (PNB) has approved diluting 10% stake in Canara HSBC Life Insurance Company, an associate company of the lender, by listing it on the stock exhanges through an initial public offering (IPO).

The same shall be subject to regulatory approvals, the state-run lender said in an exchange filing.

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#JustIn | Punjab National Bank: PNB Board approves diluting 10% stake Canara HSBC Life Ins by listing it on NSE/BSE via IPO pic.twitter.com/WTh4KvMTuU

— CNBC-TV18 (@CNBCTV18Live) June 4, 2024

Sun Pharma on Tuesday, June 4, said it has submitted the marketing authorisation application (MAA) to the European Medicines Agency (EMA) for the approval of Nidlegy.

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India VIX, the volatility index, of the Indian stock market jumped up to 50% to hit a day’s high of 31.71 on Tuesday, June 4. The gains were seen as counting trends indicated that Prime Minister Narendra Modi’s Bharatiya Janata Party might be reliant on alliance partners to return to power for a third time.

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Nifty Bank 3% off lows, Nifty 50 4% off lows, Nifty Midcap nearly 6% off lows

J&K Bank is the top Nifty Smallcap loser.

According to Nilesh Shah, MD of Kotak Mahindra AMC, the correction in the market is because the actual general election 2024 results are way below what exit polls were indicating

“There could be some amount of derating if there is no political stability. Policy decisions will make a material impact,” he said in an interview with CNBC-TV18.

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The BSE-listed companies have now lost over ₹40 lakh crore in market capitalisation after the NDA-led government appears to be falling short of what the exit polls had predicted. As of 1 PM, the Narendra Modi-led NDA led on 293 seats, while the I.N.D.I.A alliance is leading on 229 seats.

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Surjit Bhalla, an eminent economist, author, and columnist who served as Executive Director for India at the International Monetary Fund (IMF), shared his insights on the potential policy implications of the National Democratic Alliance (NDA) securing around 300 seats.

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PSU banking stocks continue to witness a heavy sell-off on Tuesday, June 4, as the BJP-led National Democratic Alliance was inching closer to the 300-mark, but appeared to be falling short of the overwhelming majority forecast by most exit polls.

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The PSU index is down 14%

The markets are witnessing the sharpest fall since COVID-19 — May 4, 2020

Sensex and Nifty are set for their biggest single-day fall in over two years as election trends so far have been lower than exit poll forecast

PSU stocks have extended their losses on the back of leads for NDA slipping below 300

• Steep fall in market as leads for NDA are now below 300
• I.N.D.I.A alliance takes its lead to 230 seats
• ALL sectoral indices in the red, biggest fall for market in four years

Click here for LIVE Updates on Lok Sabha Election 2024 results

The Nifty Bank index has opened with losses of 1% on Tuesday, June 4, after early trends in the Lok Sabha polls indicated a below-than-expected outcome for the Narendra Modi-led National Democratic Alliance (NDA). The early numbers were not in line with exit poll outcome, causing investor concerns.

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BEL shars are down 15%