Stock Market Updates LIVE: Stock Market Suffers Heavy Loss, Sensex Closes Down 4389 Points, Nifty Fifty Ends Trade Below 21900

 The vote counting day has been a bloodbath day for the Indian Stock Market as domestic benchmark indices plunged over 6 percent during day trade. The Sensex closed at 72,079.05, down 4,389.73 points or 5.74 percent, and the Nifty closed at 21,884.50, down 1,379.40 points or 5.93 percent. There was an increase in approximately 331 shares, a decrease in 3,093 shares, and no change in 55 shares.

Adani Ports, NTPC, Adani Enterprises, ONGC, and SBI were the biggest losers on the Nifty, while Britannia Industries, HUL, Nestle, Hero MotoCorp, and Tata Consumer Products were the gainers.

Except for the goods sector, all other sectoral indices ended the trade in red metals, capital goods, real estate, telecom, oil and gas, power and PSU Bank fell over 10 percent.

After suffering immense selling amid election result uncertainty, Nifty and Sensex have recovered over 3% from day lows, both the indices had suffered over 7 percent loss in day trade. As the picture for the Lok Sabha Elections becoming more clear, Investors have started buying in selected stocks including Hindustan Unilever, Hero MotoCorp, Britannia Industries, Tata Consumer Products, and Nestle India. Meanwhile, the OMC stocks recover from day lows.

As the counting of votes reached halfway, the stock indices are recovering from their day low. The BSE's top 30 share index Sensex was trading at 72,489, down by 3,983.6 at around 1:40 P.m. At noon, the Sensex was down 6,000 points. The NSE Nifty 50 was trading at 22,034.80, down by 1229. 

At around, Nifty 50, down 1400 points, Bank Nifty down by 36500 points, FINNIFTY falls 1,561.60 points, Sensex down 4,000 points, MIDCPNIFTY falls 765 points. 

In what we can call a bloodbath in the Indian stock market, domestic indices like Nifty 50 plunged over 7% or 1,451 points and went below the 22,000 level to trade below 21,8oo. Meanwhile, the BSE Sensex fell over 5,000 points or traded below 71,371.

The domestic benchmark indices suffered a huge loss as the counting of votes for the 2024 general elections so far shows a close contest between the BJP-led NDA and Congress-led India alliance. At around 11:33 AM, The BSE's Sensex was down 3271 points, trading at 73,318.76, while, the Nifty 50, was trading at 22231.80, down by 1032 points, or 4.44 percent.

The India Volatility Index VIX rose 33.33% to 28.05, the highest in nine years. The India Volatility Index or VIX is an index introduced by NSE to reflect the market volatility risk. The special index provides an idea to investors of how the market will perform in recent times. It was introduced in 2003.

The Bank Nifty, an Index representing banking stocks, fell over 3 percent. At around 10:14 am, the index was trading at around 49,482.55, down by 2.94 percent or 14,97 points. Yesterday, The index registered a massive rally.

Today as the early trends are showing a tough fight between NDA and India, Adani Group shares are trading with a huge decline as Sensex and Nifty opened with a huge loss. The stocks of almost all the companies of the Adani Group are trading in red at the moment.

Adani Energy Solutions fell by more than 13 percent, Adani Enterprises fell by about 10 percent, Adani Green shares fell by 17 percent, and Adani Power shares fell by 12 percent.

Britannia Industries, Cipla, Sun Pharma, Nestle India, and Hindustan Unilever, are the top gainers in early trade among NSE Nifty 50 index  Adani Ports and SEZ, Adani Enterprises, Power Grid, State Bank Of India, Corp, and Coal India were top regards in early trade.

In early trade, NSE Nifty 50 opened or 2.22% 517.40 points lower at 22,746.50, while BSE Sensex started trade at 1,622.03 points or 2.12% to 74,846.75.

As the counting of votes for the 543 Lok Sabha seats has begun across the nation, Gift Nifty surged over 100 points to trade over 23,500. In a while, the trends data will start coming for the general election 2024. the final results will be available later in the day.

While the Lok Sabha election results will be announced today i.e. on June 4, the investors have all the eyes on the results and the movement in the market. A day after the monetary review meeting of the Reserve Bank of India is scheduled. Decisions including any change in the repo rate will be taken in the meeting. Most probably, the decision would impact the market on Wednesday.

Nikkei and Kospi down 0.5 percent on Tuesday with investors are awaiting the final result of India's general election. However, Gift Nifty indicates a positive start.

Nasdaq and  S&P 500 ended trade slightly higher in a volatile session on Monday. NYSE suffered a glitch that briefly disrupted trading in a lot of equities. The glitch triggered huge volatility in shares of Berkshire Hathaway (BRKa.N), and Barrick Gold. Trading in at least 60 NYSE-listed stocks was disturbed due to the problem. Later,  the exchange fixed the technical problem. The benchmark S&P 500 and Nasdaq ended the day trade higher after after coping with early losses, Meanwhile, the Dow ended lower. 

Today, is going to be a special day for market as counting for the 2024 Lok Sabha election is set to begin at 8:00 am. Yesterday, Sensex, and Nifty 50 surged over 3 percent following the exit polls prediction NDA's victory for third straight times. If, exit polls numbers hold then a huge rally in the market can be expected.