In a surprising turn of events, the Indian stock market experienced significant losses during today’s trading session. The BSE Sensex plummeted by 4,165.91 points (5.45%) to close at 72,302.87, while the NSE Nifty dropped 1,303.85 points (5.60%) to settle at 21,960.05. These declines contradicted the exit poll predictions of a substantial victory for the National Democratic Alliance (NDA).
The midcap and smallcap indices also reflected the overall market sentiment, shedding 8.5% and 7%, respectively. Among the 30 Sensex companies, State Bank of India (SBI) suffered a massive decline of over 10%. Power Grid and NTPC also plunged nearly 10%. Other major laggards included Larsen & Toubro, Axis Bank, Tata Steel, and Reliance Industries.
Interestingly, just a day earlier, the market had reached record highs. On Monday, the Sensex surged by 2,778 points (almost 4%) to an all-time high of 76,738.89. The Nifty 50 followed suit, hitting a fresh record high of 23,338.70, gaining 808 points (nearly 4%).
Exit polls conducted on Saturday had predicted a decisive NDA win, with Prime Minister Narendra Modi expected to secure a third consecutive term. However, the actual vote count trends have disproved these predictions, leaving investors and analysts surprised.
As the dust settles, market participants eagerly await further developments and adjust their strategies accordingly. Stay tuned for updates as the political landscape unfolds.
