Poll verdict anxiety roils market mood, Sensex plummets 4,390 pts

The domestic share market indices lost more than 5 percent,in Tuesday's session,on vote counting day on June 4,which signalled a better-than-expected performance for the INDIA block. Apart from this, profit booking at higher levels also triggered selling on Dalal Street on Tuesday. At close,the Sensex was down 4,389.73 points or 5.74 percent at 72,079.05, and the Nifty was down 1,379.40 points or 5.93 percent at 21,884.50. About 331 shares advanced, 3093 shares declined, and 55 shares unchanged.  Highlights from trade:
●Nifty sees biggest intraday fall since Feb 2022,
●Nifty PSU Bank tanks over 17%; all constituents fall,
●Volatility index India VIX surges over 40%,
●Adani stocks tumble up to 11%,
●Investors' wealth erased by over Rs 21.5 lakh crore,
●10-year yield sees biggest spike in 8 months on poll results uncertainty,
●Railway stocks plunge over 13%.
HUL, Nestle, Britannia Industries, Hero MotoCorp and Tata Consumer Products were top gainers on the Nifty, while included Adani Ports, Adani Enterprises, ONGC, NTPC and SBI.
On the sectoral front, except FMCG, all other sectoral indices ended in the red with Realty, Telecom, Metal, Capital Goods, Oil & Gas, Power, PSU Bank down more than 10 percent each. BSE Midcap index shed 8 percent and smallcap index fell nearly 7 percent.
Rupee Close:
On 04 June'24,the Indian rupee depreciated 38 paise to 83.52 against the US dollar on Tuesday,amid twist and turn in vote tally.A weak trend in domestic equity markets also dented sentiments in early deals, forex traders said.
Trading Guide
Market experts have recommended eight buy or sell stocks on Lok Sabha election results date — Reliance, LIC Housing Finance, SRF, UCO Bank, JTL Industries, FACT, Cochin Shipyard, and RailTel.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)