- By Aditya Pratap Singh
- Wed, 05 Jun 2024 12:42 PM (IST)
- Source:JND
Stock Market: The domestic indices made a strong recovery a day after all of them suffered a heavy fall after the Bharatiya Janta Party failed to gain the majority mark on its own in the Lok Sabha election 2024. The indices- Sensex, and Nifty 50- plunged over 6 percent and it was the biggest fall in four years that wiped out the wealth of 31 crore investors. Today, due to buying sentiment at lower levels, the stock market has been trading in green since morning.
Around noon, The Sensex, an index of BSE, represented the top 30 stocks, 1,200 points. While nifty 50 was trading with a gain of 400 points. Hindustan Unilever, Kotak Mahindra Bank, Asian Paints, Nestle, HDFC Bank, HCL Technologies, and ITC were among the biggest gainers till afternoon from the Sensex basket. Power Grid, Larsen & Toubro, and State Bank of India were the losers.
Also read: Stock Market: Sensex, Nifty Trade Higher In Early Trade; ITC, HUL, Nestle Gain
Election Result
In the election results that were announced on Tuesday, the BJP won 240 seats, which is less than the 272 needed to form the government, but with the help of its allies, it has reached the figure. Meanwhile, Congress has won 99 seats. BJP has underperformed in its stronghold Uttar Pradesh, it has also lost its previous gain in states like Bengal, Maharashtra, and Karnataka.
Exit Polls
Earlier, The exit polls had predicted a clear majority for the BJP on Saturday and the market saw a massive surge on Monday, but all the predictions of exit polls proved wrong when the results were announced on Tuesday, and following the results numbers the market fell sharply yesterday. The Sensex fell by more than 4,000 points yesterday, which was the biggest drop since the Covid period. The last time the market saw such a big fall was on 23 March 2020, when the market fell by more than 13%.