Sensex Plummets 3,000 Points, Nifty Crashes Over 22,450 Points as Election Trends Roll Out

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The stock market experienced a significant downturn today, with both the Sensex and Nifty suffering substantial losses exceeding 5%. This rapid and steep decline occurred as early election trends indicated that the BJP was securing fewer seats than exit polls had predicted.

Also Read - https://indiaobservers.com/stock-market-drop-bjp-nda-election-trends/ 

The BSE Sensex, comprising 30 major companies, fell by 3,311.87 points or 4.33%, closing at 73,156.91. The NSE Nifty also saw a considerable drop, losing 1,102.55 points or 4.73%, to settle at 22,161.35. The BSE benchmark continued its descent, plunging another 4,131.44 points or 5.40% to 72,337.34, while the Nifty declined further by 1,263.3 points or 5.43%, reaching 22,000.60.



Within the Sensex, several key stocks faced severe declines. The State Bank of India fell over 10%, with Power Grid and NTPC also dropping nearly 10%. Other significant losers included Larsen & Toubro, Axis Bank, Tata Steel, and Reliance Industries.

Market Reversal Post Exit Polls

Earlier this week, the markets were buoyant following exit polls that suggested a substantial victory for the Modi government. This anticipated outcome had driven the market upwards from Saturday through Monday. However, as the actual counting of votes began and it became clear that the BJP was winning fewer seats than expected, market sentiment turned sharply negative, leading to today's dramatic falls.

Election Trends and Market Impact

As of 4 PM, the NDA was nearing 300 seats, which initially signaled a return of the Modi government. Despite this, the opposition's unexpected strong performance introduced significant uncertainty, contributing to the market's volatility. Investors reacted swiftly to the shifting political landscape, resulting in the sharp declines observed.

Key Losers in the Market

  • State Bank of India (SBI): Declined by over 10%.
  • Power Grid: Nearly a 10% drop.
  • NTPC: Also fell by nearly 10%.
  • Larsen & Toubro (L&T), Axis Bank, Tata Steel, and Reliance Industries: All experienced significant losses.

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