As BJP numbers fall, Sensex crashes over 6,000 pts; Nifty dives nearly 2,000 points

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Banks and PSUs see sharp decline

Banks and PSU stocks bore the brunt as most of them hit the lower circuit of 10 and 20 percent.

The Nifty PSU Bank Index witnessed a steep fall by dropping 839.55 points or 10.49 per cent to 7,166.60, with the scrip of Punjab & Sindh Bank declining 14.75 per cent to Rs 55.50. Indian Bank dropped to Rs 528.75 and Union Bank was trading marginally lower at Rs 148.90 on the NSE.

In addition, shares of public sector lender State Bank of India (SBI) plunged 11.73 per cent to Rs 799.45 apiece.

Shares of Punjab National Bank and Bank of Baroda fell 10 per cent each to Rs 123.30 and Rs 267.25 apiece, respectively.

The Nifty Bank index went lower by 2,806.40 points or 5.50 per cent to 48,173.55. Further, the Nifty Bank recorded the biggest fall since February 2022.

The Nifty PSE indices too slumped 1,221.55 points or 10.78 per cent to trade at 10,110.25, with the shares of Bharat Electronics Ltd (BEL), PFC, RECL, and Bharat Heavy Electricals dropping 15 per cent.

Additionally, Hindustan Aeronautics, Container Corp of India, ONGC, Coal India, NTPC, Gas Authority of India, SAIL and Power Grid also fell 10 per cent each on the NSE.

Adani group goes down

Almost all Adani group stocks went down by 20 percent.

Adani Energy Solutions plunged 19.80 percent, Adani Power slumped 19.76 percent, Ambuja Cements tumbled 19.20 percent and the group’s flagship firm Adani Enterprises tanked 19.13 percent on the BSE.

Adani Total Gas declined 18.55 percent, Adani Green Energy dived 18.31 percent, NDTV went lower by 15.65 percent, ACC plunged 14.49 percent and Adani Wilmar dropped 9.81 percent.

Shares of all Adani Group companies rallied sharply on Monday, with Adani Power surging nearly 16 percent in line with a massive surge in the equity market, taking the combined market valuation of the ten listed firms to ₹19.42 lakh crore.

The market went up by over 700 points on Monday based on exit poll predictions, most of which projected 350-400 seats for the NDA but as the results poured in on Tuesday, it became clear that the NDA was not doing as well as projected with the BJP itself, not above the 272 mark.

It was a sea of red in the market as almost all sectors were trading in the red.

Stocks that saw a huge rally in the recent past riding on a comfortable third term for Narendra Modi suffered the most as panicky investors pressed the sell button.

Also Read: PM Narendra Modi briefly trails behind Congress’ Ajay Rai

Losses in 30 Sensex companies

Among the 30 Sensex companies, State Bank of India tanked over 10 percent, while Power Grid and NTPC plunged nearly 10 percent.

Larsen & Toubro, Axis Bank, Tata Steel and Reliance Industries were the other big laggards.

Foreign Institutional Investors (FIIs) bought equities worth ₹6,850.76 crore on Monday, according to exchange data.

In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong traded with gains.

US markets ended on a mixed note on Monday.

Global oil benchmark Brent crude declined 0.82 percent to $77.72 a barrel.

The BSE benchmark soared by 2,507.47 points or 3.39 percent to settle at a new closing peak of 76,468.78 on Monday, marking its biggest single-day gain in three years. During the day, the barometer jumped 2,777.58 points or 3.75 percent to hit a record intra-day peak of 76,738.89.

The NSE Nifty climbed 733.20 points or 3.25 percent to finish at 23,263.90. During the day, it soared 808 points or 3.58 per cent to hit a fresh intra-day all-time high of 23,338.70.

(With PTI inputs)