New Delhi: Indian benchmark indices, Nifty 50 and Sensex saw a substantial decline in today’s trading session as early leads indicated a mixed outcome for the Lok Sabha Election 2024. The Sensex witnessed a decline of 4,000 points, while the Nifty dropped by 929.80 around 11 am.
Nifty experienced its most significant intraday decline since February 2022, leading to a loss of over Rs 18 lakh crore in investor wealth.
Sensex and Nifty wiped out all the gains from Monday’s session as the exit poll euphoria predicting over 350 seats for the NDA appeared overly optimistic. The total market capitalisation of all BSE-listed stocks plummeted by nearly Rs 21.5 lakh crore by late morning.
However, this could mark the onset of a short-term downtrend in the market if the NDA’s seat count falls below the 300 mark.
Sensex and Nifty surged over 3 per cent to close at all-time highs on Monday, driven by broad-based buying as exit polls forecast a decisive victory for the BJP-led NDA in the general elections. The 30-share BSE Sensex skyrocketed by 2,507.47 points, or 3.39 per cent, to reach a new closing high of 76,468.78, marking its largest single-day gain in three years.
Throughout the day, the index climbed 2,777.58 points, or 3.75 per cent, to achieve a record intraday high of 76,738.89.
Sensex continues its downward trend; currently down by 4470.38 points, trading at 71,998.40 pic.twitter.com/QED8i6nbnw
— ANI (@ANI) June 4, 2024
