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Indian stock markets plummeted today after a surge in the previous session as preliminary vote-counting trends indicated that Prime Minister Narendra Modi's Bharatiya Janata Party-led alliance was leading in over 272 seats, although the magnitude of the victory remained uncertain.
At 9.30 am, the NSE Nifty 50 index had declined by 3.03% to 22,557, while the S&P BSE Sensex had fallen by 3% to 74,107. The benchmarks had soared by more than 3% on Monday, reaching record highs and experiencing their best session in almost 40 months as exit polls predicted that the BJP-led alliance would likely secure a two-thirds majority in the lower house.
According to the early trends, the NDA was currently ahead in 288 seats, while the INC bloc was leading in 213 seats. State Bank of India, Reliance, Larsen & Toubro, Power Grid, NTPC, and HDFC Bank were among the biggest laggards in the 30-company Sensex. Only Sun Pharma and Nestle saw gains.
Foreign Institutional Investors (FIIs) purchased equities worth Rs 6,850.76 crore on Monday, as per exchange data. In Asian markets, Seoul, Tokyo, and Shanghai were trading lower, while Hong Kong was trading with gains. On Monday, US markets closed with mixed results. The Global oil benchmark Brent crude fell by 0.68% to $77.83 a barrel.
Source: Sensex Down By Over 2,000 Points As Votes Are Counted For Lok Sabha Polls