Lok Sabha Elections 2024 Results: Stock market tanks despite BJP-led NDA’s lead

The stock markets are reacting strongly to the Lok Sabha Election results. Currently, the Sensex is 7.7% down at 70768 while the Nifty is 7.8% down at 21449. The BJP-led NDA is at 294 seats while the Congress-led INDIA is at 228 seats, according to latest numbers. This in sharp contrast to exit polls that predicted 350 seats for NDA and less than 200 seats for INDIA. Uttar Pradesh seems to be a big upset for NDA as INDIA led by Akhilesh Yadav’s SP is leading in 43 seats. Even in Maharastra, INDIA is leading with 30 seats while NDA has just 17 seats.

In NSE, 2073 stocks are in red and only 74 are in green. All sectors are in red with many stocks having hit lower circuits. In Nifty, HUL, Hero MotoCorp, Britannia, Divis Labs and Sun Pharma are the top gainers while Adani Ports, Adani Enterprises, Coal India, NTPC, SBI.

According to market experts, while the NDA is leading, it’s still not good for the market as the government might not be very strong in terms for decision making. It also means the opposition will have a better say in the parliament.