Jun 04, 2024 10:09 AM IST
Stock Market Crash: Market capitalisation of all listed companies on BSE declined by ₹8.78 lakh crore to ₹417.13 lakh crore
Stock Market Crash: Sensex fell 2,700 points today dragged by heavyweights Reliance Industries and financial stocks as investors adopted a risk-averse stance ahead of the announcement of Lok Sabha election results. As of 9:20 am, the BSE Sensex was trading 2,800 points, or 3.66%, lower at 73,669.28. Nifty50 was down 809 points, or 3.6%, trading at 22,409 while volatility gauge India VIX also spiked 20% to 25 levels. Market capitalisation of all listed companies on BSE declined by ₹8.78 lakh crore to ₹417.13 lakh crore.
Follow LIVE updates on Sensex here
From Sensex, Reliance Industries and HDFC Bank contributed to a 565-point decline in the index. Other stock dragging the index downwards were L&T, SBI, ITC, NTPC, and Power Grid.
Witness the final chapter of the Lok Sabha Elections unfold on HT with live vote count and results. Explore now! Explore now!
This comes after exit polls that projected a big win for PM Modi led markets to all-time highs on Monday. Early leads so far showed Bharatiya Janata Party-led NDA alliance pulling ahead in more than 290 seats.
The top losers on Nifty today included Adani Ports, Adani Enterprises, L&T, ONGC and Coal India.
All sectors are in red except pharma & healthcare indices, with oil & gas and PSU banks losing the most today.
Adani group stocks tumble as much as 11% today despite Morgan Stanley being ‘overweight’ on Adani Ports, targeting Rs.1,517 per share. Adani ports fell nearly 9% as of 9:45 A.M.
Reliance Industries dropped 2.7% to Rs.2934 per share as of 9:55 A.M. Morgan Stanley had also considered Reliance as ‘Overweight,’ targeting Rs.3,046 a share.
Larsen & Toubro fell 3.35% to Rs.3766, ONGC fell 5.56% to Rs.268.25 and Coal India fell 6.16% to Rs.480 as of 10.AM.
SBI shares fell 5.34% to Rs.857.40, ITC dropped 2.01% to Rs.421.90, NTPC fell 4.81% to Rs.373.10, and Power Grid fell 5.66% to Rs.318.60.
