Mumbai: A day after the Stock Market recorded its biggest single-day fall in four years, all eyes will be on BSE Sensex and Nifty on Wednesday. The indices plummeted by nearly 6 per cent on June 4, 2024 as vote counting showed the BJP would not secure an absolute majority in the Lok Sabha Election 2024.
After surging over 3 per cent on June 2, the 30-share BSE Sensex plunged 4,389.73 points or 5.74 per cent to close at 72,079.05. The broader NSE Nifty also witnessed a sharp fall of 1,379.40 points or 5.93 per cent and ended at 21,884.50.
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Nomura upbeat on Indian economy
With Lok Sabha Election 2024 Results paving the wat for PM Narendra Modi-led NDA government’s return, investment bank Nomura said that India’s economic fundamentals remain robust.
PSU Stocks
The shares of Public Sector Enterprises and state-owned banks plunged up to 24 per cent on June 4. REC shares plunged 24.07 per cent, PFC declined 21.62 per cent, Container Corp of India tumbled 19.43 per cent, Bharat Electronics Ltd (BEL) fell 19.21 per cent, ONGC plummeted 16.23 per cent, Coal India went lower 13.54 per cent, NTPC depreciated 14.52 per cent, and Power Grid dipped 11.98 per cent.
The Union Bank of India stock declined 17.65 per cent, Bank of Baroda depreciated 15.74 per cent, Punjab National Bank plunged 15.15 per cent, Canara Bank plummeted 13.45 per cent, and State Bank of India (SBI) declined up to 13.37 per cent.
Railway stocks
Railtel Corp of India was down 14.56 per cent, Rail Vikas Nigam Ltd fell 13.16 per cent, and IRCTC plummeted 12.27 per cent.
Defence PSU stocks
The defence PSU stocks, including BEML plunged 20 per cent, Bharat Heavy Electricals fell 18.88 per cent, Hindustan Aeronautics Limited slumped 17.17 per cent, Mazagaon Dock Shipbuilders was lower by 16.20 per cent, Bharat Dynamics Ltd and Cochin Shipyard slipped 10 per cent each.
RIL share price tumbled
The shares of Reliance Industries on June 4 depreciated over 7.50 per cent, wiping out Rs 1.54 lakh crore from its market valuation. At the NSE, the RIL stock declined 7.48 per cent to Rs 2,794.55.
Adani Group stocks declined
As Sensex and Nifty nosedived on Tuesday the effect was seen on the stocks of the Adani Group companies tumbled on Tuesday as vote counting showed the ruling BJP would not touch the hal-way mark in the Lok Sabha elections. Adani Ports plunged 21.26 per cent, Adani Energy Solutions declined 20 per cent, Adani Enterprises depreciated 19.35 per cent, Adani Green Energy came down 19.20 per cent on the BSE. Adani Total Gas also went down by 18.88 per cent, NDTV shares slumped by 18.52 per cent, Adani Power and Ambuja Cements tumbled 17.27 per cent and 16.88 per cent respectively.
Gift Nifty which was in in Green earlier in the morning was a bit down at 22061 at around 8:11 am today.
Stock Market LIVE: The market investors are anxiously waiting for BSE Sensex, and NSE Nifty to regain on June 5, 2024. The indices plummeted over 5 percent on a day when Lok Sabha Election Results 2024 were getting declared. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
