look news india
Mumbai: The Lok Sabha election results have made the support of allies inevitable as BJP did not get a clear majority contrary to exit poll predictions of a landslide victory for the BJP-NDA and on the other hand the position of the Congress improved in the India Alliance despite a good performance. With the end of Modi magic, the record bullish phase of the decade also seems to be coming to an end, today the Sensex fell 6234.35 points and the Nifty fell 1982.45 points, the biggest intra-day fall since the Covid-19 era.
Due to the selling of funds, the wealth of investors in shares, i.e. the total market capitalization of the market, fell by a record Rs 31.07 lakh crore in a single day to Rs 394.83 lakh crore today. The Indian rupee also fell by 39 paise to Rs 83.53 against the US dollar.
According to the exit poll, the speculators, traders, players who were bullish and trading in yesterday's historic stormy rally, got trapped in the rally and went into the trough of big losses today. After falling to a record low of 70234.43 in intra-day, finally the Sensex closed down by 4389.73 points at 72079.05. While the Nifty 50 spot fell to a record low of 1982.45 points in intra-day to 21281.45 and finally closed down by 1379.40 points at 21884.50. Today the stocks themselves got beaten up. The fastest growing stocks were PSU, power stocks, and banking, automobile, consumer durables, oil-gas, power-capital goods, metal-mining stocks were in big losses.
Since the main parties BJP and Congress had to depend on their allies to form the government, this government fell and there is a possibility of a shaky government being formed. Domestic institutional investors also sold today as foreign funds stopped buying stocks. Retail investors, high net worth investors panicked in small, mid-cap stocks and rushed to sell at bargain prices, with low volume gaps and only sellers hitting lower circuits in the prices of many stocks.
BSE Capital Goods index fell 8892.96 points to 64829.31, BSE Oil-Gas index fell 4021.57 points to 26743.87, Power index fell 1180.96 points to 7103.78, BSE PSU index fell 3526.86 points to 18964.84, BSE Metal index fell 3256.16 points to 3048.5.20, BSE Auto index fell 1776.89 points to 52633.69, BSE Bankex index fell 4713.39 points to 53577.08. Along with this, due to fall in many stocks, BSE Small Cap Index fell by 3273.82 points to 44958.48 and BSE Mid Cap Index fell by 3579.57 points to 40788.10.
Investors lost Rs 14 lakh crore in stocks in the first 15 minutes of trading
Within 15 minutes of the stock markets opening for trading at 9:15 am today with the announcement of election results, the Sensex and Nifty 50 indexes fell by three per cent, wiping out investors' wealth worth Rs 14 lakh crore. In particular PSU stocks, which were seen in recent days, saw big losses in shares of State Bank, NTPC, Power Grid Corp, with heavyweights including Reliance seeing big gaps down.