Indian stock markets crashed today, after a sharp rally in the previous session, as early vote-counting trends showed Prime Minister Narendra Modi’s Bharatiya Janata Party-led alliance leading in more than 272 seats, but the extent of the victory was not clear.
The NSE Nifty 50 index was down 3.03 per cent 22,557 as of 9.30 am, and the S&P BSE Sensex fell 3 per cent to 74,107.
The benchmarks jumped more than 3% on Monday, hitting record highs and logging their best session in nearly 40 months after exit polls projected that the BJP-led alliance will likely get a two-thirds majority in the lower house.
As per the early trends, the NDA is currently leading on 288 seats, while the INDIA bloc is ahead on 213 seats.
The biggest laggards in the 30 company Sensex were State Bank of India, Reliance, Larsen & Toubro, Power Grid, NTPC, HDFC Bank.
Sun Pharma and Nestle were the only gainers.
Foreign Institutional Investors (FIIs) bought equities worth Rs 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 0.68 per cent to $77.83 a barrel.
Indian stock markets crashed today, after a sharp rally in the previous session, as early vote-counting trends showed Prime Minister Narendra Modi’s Bharatiya Janata Party-led alliance leading in more than 272 seats.