May 31, 2024
1 min read

Market Tumbles as Investors Brace for LS Election Outcomes

Sensex was down 617 points or 0.83 per cent, at 73,885, and Nifty was down 216 points or 0.95 per cent, at 22,488…reports Asian Lite News

Indian equity indices closed in deep red on Thursday due to profit booking before the Lok Sabha election results.

Sensex was down 617 points or 0.83 per cent, at 73,885, and Nifty was down 216 points or 0.95 per cent, at 22,488.

Midcap and smallcap stocks were most affected by the fall in the trading session. The Nifty Midcap 100 index was down 698 points or 1.34 per cent to 51,426 points and the Nifty Smallcap 100 index was down 273 points or 1.62 per cent to 16,612 points.

Among the sector indices, IT, metal, auto, pharma, FMCG and realty index were major losers. Media and Pvt Bank index were major gainers.

India volatility index (India VIX) closed flat at 24.17 points.

Twenty-three out of the 30 Sensex stocks closed in the red.

Tata Steel, Tech Mahindra, Titan, Wipro, Power Grid and Bajaj Finserv were the top losers. ICICI Bank, Axis Bank, HDFC Bank, SBI and L&T were the top gainers.

Vaibhav Vidwani, Research Analyst, Bonanza Portfolio, said: “Ahead of the general election results, which are expected to be announced on June 4, foreign institutional investors (FIIs) and individual traders are net long on index futures. It shows that there is a high possibility that the NDA will succeed.”

“Additionally, profit booking is evident in the current market as investors seek to protect themselves against unexpected losses in this highly volatile market,” Vidwani added.

ALSO READ: Modi Win to Propel Infrastructure Push

Previous Story

Modi Win to Propel Infrastructure Push

Next Story

Tata, Serum Institute on Time’s 2024 Influential List

Latest from Economy

Trump tariffs send world markets into panic

US benchmark crude oil shed $2.70 to $64.25 a barrel after major oil producers announced they plan to increase production. Brent crude, the international standard, was down $2.63 at $67.51 a barrel
Go toTop

Don't Miss

CBI seeks to restore Interpol red notice on Choksi

A case was registered against Mehul Choksi and others on

‘Sunak’s in-laws face £5.5m demand in Amazon India tax dispute’

The emergence of case follows small traders claim they are