Stock Market Today: The early results of the Lok Sabha elections 2024 show that the BJP and the India Alliance are in a tough contest, which has caused a major decline in the Indian stock market. The lack of a resounding victory for the BJP in the first data has created uncertainty and volatility in the market. The Bank Nifty fell by over 3200 points as a consequence, which is the worst fall in 2024. On June 4, 2024, at 11:10 AM, the Bank Nifty had dropped by around 6.50%.
Major Banks Suffer Sharp Declines
Several leading banks are facing substantial losses in the wake of the election results. As of 11:10 AM, the following banks reported significant drops in their stock prices:
- State Bank of India (SBI): Down by 10%
- HDFC Bank: Down by 3.54%
- ICICI Bank: Down by 4.11%
- Axis Bank: Down by 7.30%
Broader Market Impact
The negative sentiment has not been confined to the banking sector. Leading indices have also recorded sharp declines:
- Nifty 50: Down by 1149 points, a decrease of nearly 4.94%
- Sensex: Down by around 4000 points, a decrease of approximately 4.72%
Investor Sentiment and Market Reactions
The stock market is engulfed in uncertainty and panic. A market rise was anticipated by several media reports and trading firms on the day of the election results. But among retail traders, the competitive character of the early outcomes has instilled fear. Widespread sell-offs have resulted from worries about possible political instability taking the place of expectations for a clear winner.
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