Sensex's drop is the most since 2020 Covid crash. Markets may fall more if… - Hindustan Times
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Sensex's drop is the most since 2020 Covid crash. Markets may fall more if…

Jun 04, 2024 06:36 PM IST

Sensex and Nifty extended losses with the benchmark indices falling over 6 percent in intra-day trade

Indian stocks suffered their worst intraday fall since March 2020 as vote counting trends suggested Prime Minister Narendra Modi's NDA alliance was unlikely to win the overwhelming majority predicted by exit polls. The NSE Nifty 50 index closed down 5.93% at 21,884.5 points, and the S&P BSE Sensex fell 5.74% to 72,079.05. The indexes fell as much as 8.5% earlier in the day, after hitting record highs on Monday.

Stock market crash: The biggest losers were BEL, PFC and REC. Financial services and oil and gas stocks also fell today. (AP)
Stock market crash: The biggest losers were BEL, PFC and REC. Financial services and oil and gas stocks also fell today. (AP)

Ken Peng, head of investment strategy, Asia, at Citi Global Wealth, said, “The key question is whether BJP can retain single-party majority. If not, then would its coalition be able to deliver economic development, particularly infrastructure?”

 

The indexes saw their worst fall since March 2020, erasing all of Monday's gains.

Biggest losers today

PSU stocks were the biggest losers as trading was temporarily suspended after a fall of 15 per cent. The biggest losers were BEL, PFC and REC. Financial services and oil and gas stocks also fell today. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The steep fall is due to the results so far falling short of the exit polls which the market had discounted yesterday (June 3). If BJP doesn’t get a majority on its own there will be disappointment and this is getting reflected in the market.”

Also Read | All Adani group shares fall on election result day: 10 lakh cr in m-cap wiped off

Anand James, chief market strategist at Geojit Financial, said, “Since exit polls were at an extreme, anything that doesn't point to more strength is obviously a negative. Despite exit polls giving a resounding victory for the ruling party, markets volatility gauge did not go down below 20, as it was pricing in an outlier.”

Nifty gainers today

HUL, Hero MotoCorp, Britannia, Divis Labs, Sun Pharma were major Nifty gainers today.

Nifty losers today

Adani Ports, Adani Enterprises, Coal India, NTPC, SBI are the biggest Nifty losers today.

Sensex gainers today

HUL, Sun Pharma, Titan Company, Nestle, Asian Paints gained the most in Sensex.

Sensex losers today

NTPC, SBI, Power Grid Corp, L&T, Axis Bank lost the most in Sensex today.

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