Business News Highlights: Stock Market Closes In Green; Sensex Jumps 2,303 Points, Nifty At 22,620
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The stock markets experienced a bloodbath on Tuesday. The less than expected win margin for PM Modi’s BJP-led NDA alliance completely contradicted the predictions of the exit polls. As a result, investors lost confidence in the market and started panic selling. This led to the indices shedding most of their gains made in 2024 so far, with the NSE Nifty50 seeing a record decline in a single-day in more than four years.
When markets settled on Tuesday, the indices breached the psychological levels and nosedived. The S&P BSE Sensex ended trading at 72,079.05, plunging about 4,400 points and 5.74 per cent, while the Nifty ended the day under the 22,000 mark at 21,995.85, taking a fall of 1,379 points or 5.93 per cent.
The GIFT Nifty was trading in negative at 22,056, as of 8:26 AM on Wednesday, indicating a heavy day ahead for the investors.
The rupee also suffered the impact of the disappointing margins for the NDA alliance in the Lok Sabha Elections 2024. On Tuesday, the domestic currency depreciated 37 paise to settle at 83.51 against the American dollar.
The NDA alliance managed to cross the halfway mark by winning over 270 seats, as per the EC, however, the win remained a far cry from the pollsters’ projections and the alliance’s promise of bringing the ruling government back to power with over 400 seats.
The INDIA alliance, on the other hand, beat all expectations and managed to retain its ground in the elections.
Investors suffered a loss of Rs 31 lakh crore in the day as the indices bled out.
Siddarth Bhamre, Head of Research, Asit C Mehta Investment Intermediates Ltd, noted, “Stock markets have been expecting a complete majority for the BJP and a thumping victory for the NDA. Exit polls too cemented the expectations. Markets had factored in the best possible outcome and valuations are rich. However, the market is aware of the challenges associated with coalition government. Now with election results not being one-sided, we are witnessing profit-booking. We believe this profit-booking may continue for some more time.”
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