Current state of the stock market: In advance of the Lok Sabha poll results that are expected later today, Tuesday, June 4, saw strong selling in all market sectors with the exception of the Fast-Moving Consumer Goods (FMCG) pack, giving the advantage to the bears.
END TRADE Nifty Crashes 21,900 Points, Sensex Dives 4,390 Points Pre-Election
Why crashes stock markets wins of BJP END TRADE Nifty Crashes 21,900, Sensex Dives 4,390
Stock market today: Ahead of the Lok Sabha poll results that are expected later today, Tuesday, June 4, saw severe selling across all sectors of the market, with the exception of the Fast-Moving Consumer Goods (FMCG) pack. This session belonged to the bears. Benchmark equity indices, the Sensex and Nifty, plummeted around 6% on Tuesday due to a trend that indicated the BJP would win fewer seats than anticipated in exit polls.
The 30-share NSE Nifty fell 1,379.4 points, or 5.93 percent, to 21,884.5 at closure, while the 30-share BSE Sensex plummeted 4,389.73 points, or 5.74 percent, to close at 72,079.05.
Thirteen equities were rising and 37 stocks were falling among the Nifty firms. Within the Nifty 50 universe, the biggest decliners were Adani Enterprises, Adani Ports, ONGC, NTPC, and Coal India; the top gainers were Hindustan Unilever, Britannia, Nestle India, Hero MotoCop, and Tata Consumer Products.
The recent significant rally was reversed by a wave of fear selling in the home market following the unexpected general election result. In spite of this, the market continues to anticipate stability within the alliance, with the BJP emerging as the primary election victor, so limiting significant downside in the medium run. stated Vinod Nair, Geojit Financial Services’ head of research.
Political policy is probably going to change significantly as a result, putting more of an emphasis on social economics, which will benefit the rural sector. In addition, it is recommended that the industries that have performed well over the previous five years—power, capital goods, real estate, and industrials—use care in the near future. The long-term development prospects for these industries are very strong, he continued.
The high-beta Nifty Bank index, which comprises 12 companies such as SBI, HDFC Bank, and ICICI Bank, plummeted 7.95%, or 4,051.35 points, to settle at 46,928.6 amid intense selling. The index saw its largest intraday decline in the previous four years, coming in at 46,077.85.
In addition, state-run businesses Nifty PSE and public sector banks Nifty PSU Bank saw declines of 16.38 percent and 15.14 percent, respectively, and oil and gas stocks Nifty Oil & Gas lost 11.8 percent. Nifty Realty down 9.62 percent, and Nifty Infrastructure fell 10.59 percent.
The Nifty SmallCap100 and Nifty MidCap100, which are focused on the local market, decreased by 8.23% and 7.88%, respectively.
Furthermore, the BSE market capitalization, which indicates investor wealth, decreased by Rs 30.6 lakh crore to Rs 395.31 crore today from a valuation of Rs 425.91 lakh crore that was reported during the previous session.
worldwide market: END TRADE Nifty Crashes 21,900, Sensex Dives 4,390
Tuesday’s European stock market decline was caused by a decline in crude prices, which hurt energy stocks. When last observed, the STOXX 600 for the entire continent was down 0.77 percent, ending a three-day run of success.
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