In a dramatic turn of events, the Indian Stock Market on Tuesday, June 4, marked a significant downturn as headline indices BSE Sensex and NSE Nifty ended in the red, coinciding with the announcement of the Lok Sabha election results 2024 .
The benchmark indices, including the BSE Sensex and NSE Nifty 50, experienced a substantial declines amid heightened volatility and investor apprehension. The election outcome, which ushered in a new era of governance, sent ripples through the financial sector.
The Indian headline indices ended on a negative note today, with all the sectorial market indices trading in losses.
The 30-share BSE Sensex closed the day at 72,562.93, down by 3905.85 points or 5.11 per cent. Similarly, the NSE Nifty ended negatively at 21,884.50, down by 1,379.40 points or 5.93 per cent.
Moreover, the Nifty Bank plunged 4,051 points or 7.95 per cent, reaching at 46,928.60.
The Nifty Next 50 closed at 21,884.50 , down by 1,379.40 points or 5.93 per cent.
Major gainers and Losers - BSE & NSE
From the Sensex pack, Hindustan Unilever was among the major gainer, up by 5.74 points, followed by Nestle India, up by 3.28 per cent, TCS, HCL Tech and Asian Paints.
Among the laggards, NTPC hit the hardest with the shares of the company falling by 14.79, followed by SBI (-13.67), LT (-12.34), PowerGrid (-11.16) and Tata Steel (-8.24).
Major gainers and Losers - BSE |
From the Nifty pack, the gainers at the market include Hindustan Unilever, Nestle India, Hero MotoCorp, Britannia, and Tata Consumers.
Among the top 5 losers, Adani Ports, Adani Enterprises, ONGC, NTPC, and SBI traded in red.
Lok Sabha Election 2024
The stock market saw its worst drop since March 2020, wiping out all the gains made on Monday after exit polls projected that the BJP-led NDA government would likely win a two-thirds majority in the Lok Sabha.
As the official counting of the Lok Sabha election started, although the BJP is leading the tally but the seats projected are comparatively low as predicted by the exit polls creating a turmoil in the financial market.
As the market, after having fluctuations and volatility closed at 3:30 PM IST, and the counting for the election outcomes in progress, the BJP had a lead in 294 seats, followed by I.N.D.I.A at 232 seats and others at 17, according to the recent trends.
Oil prices
Oil prices decreased more that USD 1 on Tuesday, June 4, extending a four month low, Brent crude futures dropped by USD 1.14 cents (1.5 per cent) to US Dollar 77.22 per barrel at 0825 GMT, while U.S. West Texas Intermediate crude stood at US dollar 72.99 per barrel, showing a decline of USD 1.23 cents (5 percent).
