4 Jun 2024

Stock market reacts negatively to early vote counting trends; Sensex, Nifty down

The stock market has reacted negatively to the early vote counting trends, with significant declines across major indices and individual stocks. Here are the key points:

Overall Market Decline

As the 30-share Sensex plunged over 6,000 points or over 8%, the total market capitalisation of all listed companies on BSE saw an erosion of roughly Rs 45 lakh crore to Rs 380.35 lakh crore. The NSE Nifty50 fell 1,600 points. 

Sectoral Impact

Adani Group Companies: Significant declines across the board.

Adani Ports: Down by 9%.

Adani Power: Down by 10%.

Ambuja Cement: Down by 10%.

Adani Enterprises: Down by 10%.

Government Companies

LIC (Life Insurance Corporation): Down by 10%.

HAL (Hindustan Aeronautics Limited): Down by 10%.

Reliance Industries: Down by 4.5%

The market's decline can be attributed to uncertainties and reactions to the vote counting trends not aligning with the exit poll predictions. This initial negative reaction suggests that investors are apprehensive about the political and economic implications of the election results. If the final results deviate significantly from the exit polls, further market corrections could be expected.

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