Markets crashed after seeing BJP not getting a clear majority, Sensex and Nifty fell by 6%

Seeing BJP not getting a clear majority, the market fell face down, big fall of 6% in Sensex, Nifty

During the day's trading, the Sensex fell 6,234.35 points or 8.15 per cent to its lowest level in nearly five months at 70,234.43.
Stock Market Crash News: The stock market fell sharply on Tuesday after general election trends indicated that the ruling BJP would fall short of a majority. During this period, the major stock index Sensex and Nifty fell by about six percent. This is the biggest fall in a single day in the last four years. Earlier, after a sharp rise of more than three percent on Monday, the 30-share BSE Sensex on Tuesday slipped 4,389.73 points or 5.74 percent to close at a two-month low of 72,079.05 points.
During the day, the Sensex fell 6,234.35 points or 8.15 percent to a nearly five-month low of 70,234.43 points. During this time, the National Stock Exchange's Nifty fell 1,982.45 points or 8.52 percent to 21,281.45 points. Later it closed with a huge loss of 1,379.40 points or 5.93 percent at 21,884.50 points.
Earlier, on March 23, 2020, when the lockdown was imposed due to the COVID-19 pandemic, the Sensex and Nifty had fallen by about 13 percent. There was heavy profit booking in PSU, public sector banks, power, energy, oil and gas and capital goods stocks.
Vinod Nair, Head of Research, Financial Services, said, “The unexpected results of the general elections created fear in the domestic market. Due to this, the recent massive rally was reversed. Despite this, the market maintained its hope for stability within the BJP-led coalition.” He said that this will lead to a major change in politics focusing on social economics, which will have a positive impact on the rural economy.
When the Narendra Modi government came to power on May 16, 2014, the Sensex rose 261.14 points or 0.90 percent to close at 24,121.74. The Nifty rose 79.85 points or 1.12 percent to 7,203 on that day.
On May 23, 2019, when the Modi government came to power for the second time, the Sensex closed at 38,811.39 points with a fall of 298.82 points or 0.76 percent. On this day, the Nifty closed at 11,657.05 points with a fall of 80.85 points or 0.69 percent. Among the Sensex companies, NTPC fell the most by about 15 percent. Apart from this, SBI fell by 14 percent, L&T by 12 percent and Power Grid by more than 12 percent.
Tata Steel, IndusInd Bank, Bharti Airtel, ICICI Bank, Axis Bank, Reliance Industries and JSW Steel also declined significantly.
On the other hand, Hindustan Unilever rose by six percent and Nestle by three percent. Tata Consultancy Services, Asian Paints and Sun Pharma also made gains. All sectoral indices except FMCG closed with losses.
According to stock market data, foreign institutional investors (FIIs) bought shares worth Rs 6,850.76 crore on Monday. Global oil benchmark Brent crude fell 1.88 per cent to $76.89 a barrel.
(For more news apart from Seeing BJP not getting a clear majority, the market fell face down, big fall of 6% in Sensex, Nifty, stay tuned to Read Hindi)

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