Market Meltdown: Sensex & Nifty Continue Downward Spiral Ahead Of Lok Sabha Election Results, Marking 5th Consecutive Day Of Losses

As the final Phase of the Lok Sabha General Election 2024 approaches, the India's headline indices, BSE Sensex and NSE Nifty, continued to experience a notable decline, marking the fifth consecutive day of losses, sending shockwaves to investors.

The 30-share BSE Sensex closed at 73,885.60, down by 617.30 points or 0.83 per cent. Meanwhile, the NSE Nifty ended the day at 22,488.65, down by 216.05 points or 0.95 per cent on Thursday, May 30.

The reason for the current decline can attributed to factors such as heavyweight stocks like Reliance industries, TCS, and Infosys dragging down the indices. Another major factor for the market in red includes the concerns surrounding the upcoming election results on June 4, heightened anxiety among the investors.

Furthermore, the monthly Nifty expiry, adds another factor, prompting traders to square of their positions. Drawing cues from the Asian and international markets, particularly the decline in the US market, also fueled apprehension among Indian investors.

In Asian markets, Seoul, Tokyo, Hong Kong and Shanghai settled lower. Meanwhile, the European markets were trading on a positive note with gains.

According to exchange data, the Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,841.84 crore on Wednesday, May 29.

The global oil benchmark Brent Crude plunged 0.41 per cent to USD 83.19 a barrel.

Majors gainers and Losers

Amid the turmoil, sectors like steel, finance and technology faced a significant setbacks, meanwhile, banking giants such as ICICI Bank, Axis Bank and HDFC Bank managed to gain ground.

From the Sensex pack, the major laggards were, Tata Steel, Tech Mahindra, PowerGrid, Titan and Wipro and from the Nifty pack the loser were Tata Steel, Tech Mahindra, Grasim, Bajaj Finserv and Wipro.