Election Results 2024: Sensex and Nifty plummet over 5% as BJP leads fall short of exit poll predictions

Election Results 2024 : Benchmark equity indices Sensex and Nifty declined sharply, plummeting over 5% in late morning trade on Tuesday, as initial trends indicated that the Bharatiya Janata Party was winning fewer seats than projected by exit polls.

The 30-share BSE Sensex fell by 3,311.87 points, or 4.33%, to 73,156.91, while the NSE Nifty dropped by 1,102.55 points, or 4.73%, to 22,161.35.

Shortly afterward, the BSE benchmark further nosedived 4,131.44 points, or 5.40%, to 72,337.34, and the Nifty decreased by 1,263.3 points, or 5.43%, to 22,000.60.

Among the Sensex’s 30 companies, the State Bank of India saw a significant fall of over 10%, with Power Grid and NTPC both plunging nearly 10%. Other major laggards included Larsen & Toubro, Axis Bank, Tata Steel, and Reliance Industries.

As of Tuesday, the BJP-led NDA was leading in 280 seats, crossing the majority threshold in trends available for 54328 seats. Meanwhile, the Congress surpassed the 100-mark in terms of leads, as shown by Election Commission data.

At 10:30 am, the BJP was leading in 234 seats and secured the Surat seat in Gujarat uncontested. The Congress-led INDIA bloc was ahead in 200 seats, outperforming exit poll predictions.

On Monday, Foreign Institutional Investors (FIIs) purchased equities worth Rs 6,850.76 crore, according to exchange data.

In Asian markets, Seoul, Tokyo, and Shanghai traded lower, while Hong Kong saw gains. U.S. markets ended on a mixed note on Monday.

Global oil benchmark Brent crude declined by 0.82% to USD 77.72 a barrel.

Also Read: Election Results 2024: Delhi set for a BJP sweep again

On Monday, markets had surged following exit polls predicting a massive win for the BJP-led NDA in the Lok Sabha elections. The BSE benchmark soared by 2,507.47 points, or 3.39%, to close at a new peak of 76,468.78, marking its biggest single-day gain in three years. During the day, it jumped by 2,777.58 points, or 3.75%, to reach a record intra-day high of 76,738.89.

The NSE Nifty climbed by 733.20 points, or 3.25%, to settle at 23,263.90. During the day, it soared by 808 points, or 3.58%, to hit a new intra-day all-time high of 23,338.70.