Indian Indices Crash Amid Unexpected Vote Count Outcomes
The Indian stock exchange experienced a turmoil amid the unexpected vote count outcome on the very first day of vote counting after the exit polls. Major Indices, NIFTY 50 crashed by ₹1,379 points (-5.92%) & SENSEX crashed by ₹4,389 points (-5.74%) Tuesday, the very first day of vote count outcome of the ongoing Lok Sabha Elections in India. The previous day, the Indian stock market ended in green, the reason behind this was perhaps the speculative stance of investors & other participants on the outcomes of exit polls, which predicted a major victory for the current ruling party in India.
The market has been volatile & the INDIA VIX has experienced a major fluctuation amid the Lok Sabha Elections, 2024. The VIX jumped more than 50%, intraday.
The political events & market trends have recently dictated the course of the Indian retail investors to speculate off the course (meaning; the retail investors & market participants are speculating as per the political advances which is taming the Indian markets). The recent advancements have been quite concerning as per the economic aspects of the country which has trapped many investors & participants in the last two trading sessions which has lead to a wipeout of wealth by more than 20 lakh crores. The Indian market has seen such biggest drag in 4 years, similar drag was seen during the pandemic.
Many major entities who gained along the reigns of the current government, experienced profit booking which lead them to drag by upto 20% in a single trading session.
The top 5 losers on 4/06/2024 on the Indian Stock Exchange were:
- REC: -152.30 (-25.19%)
- Power Finance -128.05 (-23.08%)
- Adani Ports -335 (-21.14%)
- BHEL -64.90 (-20.83%)
- SAIL -33.30 (-20.01%)
The top 5 gainers for the same day were:
- Dabur +33.40 (+6.13%)
- HUL +140.40 (+5.95%)
- Colgate +122.60 (+4.56%)
- Marico +20.45 (+3.44%)
- Godrej Consumer +41.95 (+3.21%)
