On Tuesday, as the vote counting for the 2024 elections commenced, the Sensex and Nifty experienced a significant downturn. Initial trends indicated that the opposition coalition, INDIA, was performing better than expected, improving on its 2019 performance. The BJP-led NDA was ahead with 287 seats, while INDIA was trailing with 220 seats, marking an increase of 82 seats from its previous tally. This shift caused a decline in PSU, defense, and railway-related stocks, with many Adani group shares also seeing a drop.
​​​​​​​Open Demat Account and Start Trading!
All 30 Sensex stocks saw losses, leading the 30-share index to drop by 2,007 points, or 2.62%, to 74,467 at 9:43 AM. The Nifty fell by 654 points, or 2.81%, reaching 22,609.65. The BSE PSU index fell nearly 5%, while Adani group stocks plunged up to 12%.
Among the Sensex components, NTPC declined by 6.16%, SBI by 5.94%, and Power Grid by 5.85%. Larsen & Toubro, Bajaj Finserv, and Reliance Industries also dropped by up to 5%.
Adani Enterprises saw a steep decline of 9.62%, falling to Rs 3,295.10, while Adani Ports dropped by 8.91% to Rs 1,443.80. Adani Green Energy Ltd and Adani Energy Solutions fell by 10-11%.
Anand James, Chief Market Strategist at Geojit Financial Services, commented that caution is advisable if the Nifty fails to clear the 23,390-440-480 range or falls below 23,190, which could initially lead to levels of 22,490 or 21,800. He noted that despite a sharp decline in VIX, it remains above 20, suggesting that significant volatility is still expected.
Financial Calculators: Compound Interest Calculator | EMI Calculator | SIP Calculator | SWP Calculator | RD Calculator | NPS Calculator | PPF Calculator | Mutual Fund Returns Calculator | Inflation Calculator | Option Value Calculator
Popular Stocks: ICICI Bank Share Price | HDFC Bank Share Price | CDSL Share Price | UPL Share Price | TCS Share Price | BHEL Share Price | Trident Share Price | IRFC Share Price | Adani Power Share Price