Markets Elude Over 6 Percent; Sensex Drops 4389 Points

Benchmark stock indices Sensex and Nifty crashed over 6 percent Tuesday, the most in a single day in four years, as counting trends showed the ruling BJP would fall short of a clear majority in the Lok Sabha elections.

The 30-share BSE Sensex dipped 4389.73 points, or 5.74 percent to 72,079.05. The NSE Nifty dropped 1379.40 points, or 5.92 percent to 21,884.15.

Sensex and Nifty had previously fallen by around 13 percent on March 23, 2020, when lockdown was imposed due to the COVID-19 pandemic.

RECL, Power Finance Corp, Adani Ports, Adani Energy Solut., Bharti Electronic, Adani Enterprises, Adani Green Energy, Adani Total Gas, HAL, GAIL(India), Adani Power, Ambuja Cement, and ONGC were the top laggards.

Among the gainers were Dabur India, Hindustan Unilever, Avenue Supermarts, Colgate-Palmolive, Marico, Godrej Consumer, Nestle India, Britannia Industries, and Hero PotoCorp.

In Asian markets, Shanghai, Indonesia, Malaysia, and Hong Kong concluded higher, while Tokyo, South Korea, Singapore, Taiwan, and Thailand ended lower.

On Monday, US markets concluded on a mixed note.

European stocks were trading lower.

Brent crude lost 1.88 percent to USD 76.89 per barrel.

According to exchange data, Foreign Institutional Investors (FIIs) bought securities worth Rs 6,850.76 crore on Monday.

On Monday, the Sensex soared 2,507.47 points or 3.39 percent to reach a new closing high of 76,468.78, while the Nifty moved 733.20 points or 3.25 percent to 23,263.90.

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