New Delhi: Dalal Street mayhem on Tuesday, June 04, 2024 has eroded more than Rs 43 lakh crore of investors’ wealth in a single day. At the start of the counting day of Lok Sabha Elections 2024, Narendra Modi-led NDA had gained initial leads but later on faced intense competition from INDIA Alliance, which is what caused bloodbath on the D-Street. The benchmark stock market index Sensex nosedived more than 6,000 points and dipped below 71,000 levels in the afternoon trade, while, the 50 constituent Nifty plunged over 1,900 points and dipped to as low as 21,300 levels.
Among the 30 Sensex companies, State Bank of India tanked over 16 per cent, while Power Grid and NTPC plunged nearly 15 per cent. Larsen & Toubro, Axis Bank, Tata Steel, Bharti Airtel, JSW Steel, and Reliance Industries were the other big laggards.
Modi stocks particularly from PSU and PSU Bank sectors fell the most. The PSU stocks which fell the most were mostly power stocks like REC, PFC, BHEL.
Power stocks fused together:
The PSU power stock REC broke 19 per cent and made intra day low of Rs 450 on the NSE. Another PSU power stock PFC fell 18 per cent and made a low of Rs 416 on the NSE.
NTPC nosedived 12 per cent, while, Power Grid fell by nine per cent and made DAY’S low of Rs 279 on the NSE.
Defence stocks not that formidable any more:
Defence stocks like HAL and BEL also cracked on the mahyem day. HAL plunged 12 per cent while the BEL plunged 15 per cent. HAL made a low of Rs 3,955 on the NSE, while, BEL made a low of Rs 230 on the bourse.
After PSU stocks, banking stocks broke the most on the counting day. Nifty PSU Bank index plunged 13 per cent and dipped lower than 7,000 levels. Union Bank was the major laggard of the 12 constituent bank index and fell almost 15 per cent during the day. The public lender made day’s low of Rs 136.
Modi stocks particularly from PSU and PSU Bank sectors fell the most on Lok Sabha Election 2024 Results day. The benchmark stock market index Sensex nosedived more than 6,000 points and dipped below 71,000 levels in the afternoon trade, while, the 50 constituent Nifty plunged over 1,900 points and dipped to as low as 21,300 levels. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
