As the outcome trends from the Lok Sabha Elections 2024 on Tuesday contradicted the exit poll predictions, the stock market reacted strongly. Against the projections of an easy win with a majority of 300 to 350 seats for PM Narendra Modi’s Bharatiya Janata Party (BJP)-led NDA alliance, the election trends on June 4, 2024, showed the NDA in lead, but with a much smaller margin.
After the bumper projections over the weekend, the stock market touched sky-high on Monday, however, the uncertainty regarding the election outcome on Tuesday weighed heavily on the stock markets. Around 11:15 AM, the outcome trends showed that the NDA alliance was leading the elections with around 290-300 seats, however, the opposition INDIA alliance beat all pollsters and maintained its lead over 220-230 seats.
This surprised the investors and the stock market slumped in the session. As of 11:08 AM, the key equity benchmark indices, both Sensex and Nifty, tanked heavily revealing the negative sentiment in the market. The S&P BSE Sensex plunged more than 4,000 points and erased all its recent gains to trade at 72,431.81, at a loss of more than 5 per cent. Meanwhile, the NSE Nifty50 index nosedived 1,261.20 points or 5.42 per cent to trade near the 22K mark at 22,002.70.
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Major Laggards So Far
Amongst the laggards in the market, the Adani Group stocks maintained the lead with a fall of close to 15 per cent seen in some of the conglomerate’s listed shares. On the 30-share Sensex, the State Bank of India, NTPC, and PowerGrid emerged as the major losers in the day so far. Let’s take a detailed look at the major losses in the market so far.
Adani Enterprises
The flagship entity of the Adani Group, the Adani Enterprises traded in the stock market with heavy losses on Tuesday morning. As of 11:05 AM, the stock of the firm traded at Rs 3,118 apiece on the BSE, representing a loss of 14.47 per cent. While on the NSE, the firm’s shares stood at Rs 3,119 per stock, plunging 14.43 per cent.
Adani Ports and Special Economic Zone
The shares of Adani Ports and Special Economic Zone Limited tanked 15 per cent on Tuesday morning. As of 11:06 AM, the company’s stock traded at Rs 1,347.25 apiece on both the NSE and BSE.
Also Read : Elections And Indian Stock Market Swings: Decoding The Share Market Since 2009
State Bank of India
The State Bank of India shares took a loss of close to 10 per cent in the stock market. As of 11:07 AM, the shares of the bank stood at Rs 815.10 apiece on the NSE, marking a loss of 10 per cent, while the lender’s stock price touched Rs 815.45 apiece on the BSE, falling 9.97 per cent.
NTPC
The public power company saw its stock decline in the market on Tuesday. As of 11:02 AM, the firm’s shares traded at Rs 353.50 on the NSE, at a loss of 9.78 per cent, while the stock price touched Rs 353.55 apiece on the BSE, falling 9.80 per cent.
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PowerGrid
The public sector enterprise saw its shares tank close to 10 per cent as markets reacted to the election result trends. As of 11:05 AM, the stock price of the company stood at Rs 305 apiece on the BSE, falling 9.68 per cent, while the shares traded at Rs 305.35 apiece on the NSE, marking a loss of 9.57 per cent.