Nifty tanked 900 points on Lok Sabha election result day as counting continues. A better-than-expected performance for the INDIA alliance is the cause of nifty being down. Traders were expecting 400 seats for NDA. But the as the copy being written INDIA alliance is giving a tough competition to BJP and its alliance. This has triggered the Nifty.
NSE Nifty Updates today
The NSE Nifty was down 1,769.55 points, or 7.61 per cent to 21,494.35 at 12:10 pm on Tuesday as vote counting remained underway for the Lok Sabha poll results.
Nifty 50 opened at 23,179.50 points. It hit a high of 23,179.50 points. But as the polling results started to came out, Nifty plunged. The 50-stock index hit a low of 22,238.10.
Nifty top gainers
Top gainers of Nifty at 11:45 am are as follows:
HINDUNILVR up by 4.30 % to Rs 2,457.15
BRITANNIA up by 1.54 % to Rs 5,247.25
HEROMOTOCO up by 0.04% to Rs 5,162.80
SUN PHARMACEUTICAL INDUSTRIES LIMITED (SUNPHARMA) up by 1.31% to Rs 1,472.15
DIVISLAB up by 0.87% to Rs 4,359.65
Nifty Top Losers
Top Losers of Nifty at 11:58 am are as follows:
ADANIPORTS down by 22.52% to Rs 1,227.30
ADANI ENTERPRISES LIMITED down by 16.05 % to Rs 3,060.05
STATE BANK OF INDIA down by 12.70% to Rs 790.65
POWER GRID CORPORATION OF INDIA LIMITED down by 12.42% to Rs 295.70
OIL & NATURAL GAS CORPORATION LIMITED (ONGC) down by 14.64% to Rs 242.50
Nifty Sectoral Indices
All Nifty sectoral indices were in red except NIFTY FMCG. It was up by 0.09%. Down by 13.48% NIFTY PSU Bank is the biggest loser of Nifty Sectoral Indices. All 12 constituents are currently trading in the red. The Nifty Metal index was the second worst performer. It was down by 8.80%. Nifty Metal was followed by Nifty Bank and Nifty Financial Services.
What did forecasters say?
Forecasters were of the view that if BJP gets 273-302 seats. Then due to being governed by a thin majority government, India’s foreign exchange will witness some fluctuations before stabilisation. Prior to the polls, Bloomberg had indicated the government will continue to focus on execution and policy formation. However, the social security schemes of the government might depend on the voting patterns of different groups.
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