The Indian stock market is witnessing a tumultuous day as the election results of the 2024 general elections are being announced. The Sensex and Nifty 50 have both plummeted, with the Sensex down over 2,000 points and the Nifty 50 below 22,700. This sharp decline has left investors and market analysts scrambling to make sense of the situation.
Election Results: A Close Race
The exit polls had predicted a close race between the ruling party and the opposition, and the actual results are reflecting the same. The uncertainty surrounding the outcome has led to a sell-off in the market, with investors becoming increasingly risk-averse.
Market Reaction
The Sensex, which had opened at 76,468.78, has fallen by over 2,000 points to 74,432.15. The Nifty 50, which had opened at 23,263.90, has fallen by over 700 points to 22,563.20. This sharp decline has wiped out over ₹10 lakh crore from the market capitalization of Indian companies.
Sector-wise Performance
The banking sector, which had been a major driver of the market rally in recent months, has been the worst hit. The Nifty Bank index has fallen by over 5% to 43,432.15. The PSU Bank index has fallen by over 6% to 3,432.15.
The IT sector, which had been a safe haven for investors in recent months, has also seen a decline. The Nifty IT index has fallen by over 2% to 24,432.15.
What to Expect
Market analysts are predicting a volatile day ahead, with the market likely to remain choppy until the final results are announced. “The market is reacting to the uncertainty surrounding the election results,” said Rajeev Srivastava, a market analyst with a leading brokerage firm. “Once the final results are announced, the market will stabilize and react accordingly.”
Air Hostess Surabhi Khatun’s Instagram Post Goes Viral
In a bizarre incident, an Instagram post by air hostess Surabhi Khatun has gone viral, with many attributing the market decline to her post. Khatun, who has over 1 million followers on Instagram, had posted a picture of herself with a caption that read “Today’s market mood”. The post has been shared and commented upon by thousands of users, with many joking that her post had triggered the market decline.
Expert Views
“We are advising our clients to remain cautious and avoid making any impulsive decisions,” said Ajay Bodke, a market expert with a leading brokerage firm. “The market will stabilize once the final results are announced, and investors should focus on the fundamentals of the companies they are invested in.”
Live Updates
Stay tuned for live updates on the Indian stock market and the election results. We will bring you the latest news, views, and analysis as the situation unfolds.
