Sensex Drops Over 1000 Points As Lok Sabha Poll Votes Are Tallied
Indian Stock Markets experienced a significant crash today following a sharp rally in the previous session. As early vote-counting trends from the Lok Sabha Elections indicated a lead for Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP)-led alliance in over 272 seats, market sentiments turned cautious due to the uncertainty surrounding the extent of the victory.
As per the latest tally, PM Modi-led NDA is leading in 285 seats while, Rahul Gandhi-led INDIA alliance is leading in 221 seats.
The NSE Nifty 50 index dropped by 2.2 per cent to 22,779 points as of 9:15 am, while the S&P BSE Sensex fell by 1.8 per cent to 75,163 points. The initial trends have triggered volatility, reflecting investor concerns over the potential political vista and its implications for economic policies.
Investors are closely monitoring the final results to gauge the strength of the BJP-led coalition’s mandate, the early lead suggests continuity in governance, but the market awaits clarity on the final seat tally to assess the stability and effectiveness of the incoming administration.
