Sensex and Nifty Plunge Amid Election Uncertainty

Benchmark equity indices Sensex and Nifty fell by over 8% on Tuesday as early trends from the Lok Sabha elections showed the BJP winning fewer seats than predicted. Major companies like SBI, Power Grid, and NTPC saw significant declines. Foreign Institutional Investors purchased equities worth Rs 6,850.76 crore on Monday.

In a significant market upheaval, benchmark equity indices Sensex and Nifty nosedived by over 8% on Tuesday. The abrupt decline followed early trends indicating the BJP winning fewer seats than forecasted by exit polls in the ongoing Lok Sabha elections.

The 30-share BSE Sensex plummeted 6,234.35 points, equivalent to an 8.15% drop, settling at 70,234.43 in afternoon trade. Simultaneously, the NSE Nifty fell 1,982.45 points or 8.52% to 21,281.45.

State Bank of India experienced a sharp decline of over 16%, with other major players like Power Grid and NTPC plunging nearly 15%. Among the 30 Sensex companies, Larsen & Toubro, Axis Bank, Tata Steel, Bharti Airtel, JSW Steel, and Reliance Industries also faced significant losses.