Share Market Today: Early Trends Indicate A Mixed Mandate, Sensex, Nifty Plunge On Uncertainty

At the same time, on the Nifty50 index, Adani Enterprises took a nosedive as its shares traded at a loss of over 9 per cent, while Adani Ports traded in red at a loss of 8.57 per cent

Share market today: The key equity benchmarks, Sensex and Nifty, in their pre-opening session displayed major volatility on Tuesday. The early trends of the results of the Lok Sabha Elections 2024 indicated a win for PM Narendra Modi’s Bharatiya Janata Party (BJP)-led NDA alliance, however, the margin for the win didn’t line up with the predictions from the exit polls. 

Pre-Opening Session

This led to the markets exhibiting volatility in their pre-opening session. As of 9:02 AM, the S&P BSE Sensex opened at 77,128.63, surging close to 660 points. However, as the session progressed, around 9:15 AM, the Sensex plunged more than 1,300 points to trade at 75,155.80, and the NSE Nifty50 fell close to 500 points to touch 22,775.35. The election results showed both the NDA alliance and the INDIA alliance near the 240 seat mark during the time.

As the markets progressed, around 9:25 AM, the Sensex tanked more than 2,000 points to trade at 74,408.29, while the Nifty50 declined more than 600 points to touch 22,663.

Stock update

On the 30-share Sensex platform, all the companies were trading in red. The only exception remained Sun Pharma, Nestle India, and Hindustan Unilever which were trading at a gain of 0.38 per cent, 0.15 per cent, and 0.07 per cent respectively. The major laggards on the index included Maruti, TCS, Asian Paints, HCL Tech, and M&M.

At the same time, on the Nifty50 index, Adani Enterprises took a nosedive as its shares traded at a loss of over 9 per cent, while Adani Ports traded in red at a loss of 8.57 per cent.

Sectoral update

In the broader markets, all the indices bled. The Nifty Next 50 and Nifty Microcap 250 indices tanked 4.44 per cent and 4.11 per cent respectively. 

Amongst the sectors, the Nifty PSU Bank index plunged 6.53 per cent and dominated the losses in the sectors. Other major laggards included the Nifty Oil & Gas, Metal, and Financial Services 25/50 indices.

In the previous trading session on Monday, both the equity benchmark indices touched fresh peaks during the day. The Sensex soared 2,507 points or 3.4 per cent to settle for the day at 76,469, while the Nifty50 ended trading at 23,264, climbing 733 points or 3.25 per cent. The last time the indices logged their biggest single-day rally before the election results was in 2009, when both Sensex and Nifty surged 2.46 per cent.