Sensex Dips Over 4,000 Points Amid Lok Sabha Vote Counting

Mumbai: Indian stock markets experienced a significant downturn today, plummeting by over 4,000 points following early election results indicating a lead for Prime Minister Narendra Modi’s Bharatiya Janata Party-led alliance.

Despite leading in more than 272 seats, the victory margin was narrower than anticipated, triggering a market sell-off.

The BSE Sensex closed 5.74% lower at 72,079, while the NSE Nifty 50 ended 5.93% down at 1,379 points.

This marks the largest single-day decline since the onset of the Covid pandemic, erasing previous gains made after exit polls projected a strong majority for the BJP-led alliance.

Presently, the NDA leads with 298 seats, while the INDIA bloc is ahead on 225 seats, both falling short of the 272-seat mark required for government formation.

All sectors witnessed losses, with bank stocks falling by 7.8%, realty by 9.1%, infrastructure by 10.5%, and oil and gas by 11.7%.

State-run companies and banks saw the steepest declines at 17% and 16%, respectively.

Among the Sensex’s 30 companies, State Bank of India, Reliance, Larsen & Toubro, Power Grid, NTPC, and HDFC Bank were the worst performers, while Sun Pharma and Nestle were the only gainers.