Election Financial News

Congress leader Priyanka Gandhi Vadra on Tuesday congratulated the party's Amethi candidate Kishori Lal Sharma as he looked on course to win the Gandhi family bastion, saying she was sure from the beginning that he would win. «Kishori bhaiya, I never had any doubts, I was sure from the beginning that you would win. Hearty congratulations to you and my dear brothers and sisters of Amethi!» Priyanka Gandhi said in a post in Hindi on X. Sharma was leading in the Amethi Lok Sabha constituency over Union minister and BJP leader Smriti Irani by more than 90,000 votes, according to Election Commission data at 2:20 pm. Priyanka Gandhi had camped in the family bastions of Rae Bareli and Amethi for about two weeks and campaigned extensively for Sharma and her brother Rahul Gandhi, who contested from Rae Bareli.

Charanjit Singh Channi, the former Chief Minister of Punjab, has secured a decisive victory in the Jalandhar Lok Sabha constituency. Channi, representing the Indian National Congress (INC), defeated his main opponent, Sushil Kumar Rinku from the Bharatiya Janata Party (BJP), by a substantial margin of 1,75,993 votes.

stocks hit their 52-week lows on Tuesday as the markets crashed after the early trends suggested that the NDA will form the government but with a lesser- than-expected majority. Shares of Veritas Advertising and Bodhi Tree Multimedia saw the highest fall of nearly 20% each on Tuesday to Rs 170.30 and Rs 11.7, respectively, to hit their new 52-week lows. These estimates led the benchmark indices Sensex and Nifty losing over 7% each in what is the biggest fall in over 4 years. Tata group companies Tata Elxsi and Tata Technologies shares also fell 7.8% and 5%, respectively, on Tuesday while those of HDFC Life Insurance Company fell by 7% to new 52-week low on the BSE.

ACC Ltd. traded at Rs 2351.0 on BSE at 01:44PM (IST) on Tuesday, down 12.19 per cent from previous close. The scrip quoted a 52-week low price of Rs 1755.8 and a high of Rs 2759.95.

Delhi Lok Sabha election winners' list: The BJP is maintaining a lead in all seven Lok Sabha seats in Delhi, as per latest EC data.

Nifty today suffered its biggest fall since March 2020 when the whole world was stressed about Covid-19. The headline equity index erased all gains made in the calendar year 2024 and fell below the 21,300-mark after vote counting for elections showed BJP may not win as many seats as the market had priced in. While Sensex fell up to 6,234 points during the day, Nifty bulls saw an erosion of nearly 2,000 points at day's low. On BSE, over 3,400 stocks fell with 745 hitting the lower circuit limit and 285 stocks touching 52-week low levels.

Lok Sabha Election Results 2024: Union Minister for Civil Aviation Jyotiraditya Scindia secured a victory against Congress candidate Yadvendra Rao Deshraj Singh in the Guna constituency in Madhya Pradesh. This constituency, long associated with the Scindia family, marks another political triumph for Jyotiraditya Scindia.

stocks in the wake of a possibly narrower-than-expected victory for Prime Minister Narendra Modi has weighed on the broader Asian market. The 10 biggest losers on the MSCI Asia Pacific Index are all from India. They consist of state-run companies and units of the Adani group, which rallied on Monday after exit polls initially projected a landslide win for Modi.

stocks including Hindustan Unilever (HUL), Dabur, DMart, Marico resisted the negative sentiments. Early trends suggested that NDA is in pole position to form the government for the third consecutive term but unlikely to gain a brute majority of over 400 seats. This led to benchmark indices Sensex and Nifty losing over 7% in what is the biggest intraday fall in over 2 years.

Congress party, which had put forward 328 candidates for the Lok Sabha elections, was leading in 99 constituencies nationwide on June 4, surpassing the predictions of various exit polls on June 1.

TMC on Tuesday hailed the trends that reflected that the party was racing ahead of its rivals in 30 of the 42 Lok Sabha seats. The TMC said the results are a reflection of people's faith in the «pro-people policies» of the Mamata Banerjee government and a decisive mandate against the BJP in the state.

"India's nominal GDP is growing around 10-11% because we are fundamentally a lower inflation country. So, I think to that extent we need to reset our long-term return expectations," says Prashant Jain, 3P Investment Managers. You were telling us about your next seven-year idea. Seven years back, it was PSUs. And it cannot be a SIP. I think buy Indian equities because India's growth is accelerating. You cannot ignore that. Our cost of capital is lower, you cannot ignore that. The local flows are sizable. And our bank balance sheets, company balance sheets are extremely good. Our current account deficit is low. The external environment is very conducive whether you talk about manufacturing or about services. So, I think I would be positive on India. I would continue to be positive on Indian equities. And see, please appreciate what happened yesterday. If something moves up 10%, 12%, and it is pricing in a lot of expectations. After all, what changed in a single day yesterday? Nothing.

Track live market updates hereThe massive selloff made investors poorer by nearly ₹38 lakh crore in a single session as the overall market capitalisation (mcap) of companies listed on the BSE plummeted to nearly ₹388 lakh crore in intraday trade from nearly ₹426 lakh crore at the previous session's close.Also Read: Stock market today: Investors lose ₹38 lakh crore as election race gets tighter than what exit polls predictedExperts pointed out that a slim majority for NDA may trigger short-term uncertainty on the policy front. However, the overall outlook for the Indian stock market may not drastically change."Investors should adopt a cautious approach if the NDA secures a slim margin in the 2024 Lok Sabha elections.

Also Read: Election Results 2024 Sensex Crash Live Updates: Bloodbath on Dalal St. as Sensex falls 4,600pts, Nifty down 6.2%BSE-listed companies erased market-cap of nearly ₹40 lakh crore. The Sensex fell below 72,000 and the Nifty 50 fell below the 21,200 mark, falling by around 7% each.

Madhya Pradesh Lok Sabha elections 2024: Early trends of the Lok Sabha poll votes in Indore in Madhya Pradesh showed that NOTA (None of the Above) has bagged over 1.4 lakh votes till noon on Tuesday.According to the Election Commission of India's (ECI) data, as many as1,44,842 NOTA votes were casted till 12 noon on Tuesday.NOTA allows the voters to officially register a “vote of rejection" for all candidates contesting in an election. It was introduced in September 2013 following a Supreme Court decision.While 14 candidates were in the fray in Indore, the main battle is between BJP's sitting MP Shankar Lalwani and NOTA, PTI reported citing observers.Voting in Indore took place on May 13, with 61.75 per cent of the 25.27 lakh electors exercising their franchise.Congress, which was pushed out of fray from Madhya Pradesh's Indore Lok Sabha seat after its candidate withdrew, claimed on Monday that NOTA would bag two lakh votes.On April 29, Congress faced a significant blow when its candidate, Akshay Kanti Bam, withdrew his nomination.

₹40 lakh crore. All the sectoral indices were trading with substantial losses, particularly public sector unit (PSU) stocks.This market reaction starkly contrasts with the optimistic projections made by Prime Minister Narendra Modi and Union Home Minister Amit Shah last month.

Zomato shares cracked 16%, Honasa Consumer shares tanked 17%, while Delhivery and Nykaa stock price plummeted over 8% each and PB Fintech shares dropped over 6%.The fall in new-age tech stocks was in-line with the broader market selloff. The overall market capitalisation (mcap) of BSE-listed companies plummeted by nearly ₹40 lakh crore to ₹388 lakh crore.Read here: Stock market today: Investors lose ₹38 lakh crore as election race gets tighter than what exit polls predictedIndian markets witnessed a sharp selloff on Tuesday, June 4, erasing all of Monday's gains as early trends indicated that the Lok Sabha election results could be tighter than exit polls had predicted.These unexpected trends in election results 2024 caused panic among investors, with both the frontline indices, Sensex and Nifty 50, witnessing their biggest single-day fall in more than two years.

According to the latest data from the Election Commission of India, Rajeev Chandrasekhar got 2,02,742 votes, Shashi Tharoor 1,80,833 votes, and Pannian Ravindran of the CPI received 1,44,613 votes.In Kerala, Congress leads at 12 seats, and IUML and CPI(M) lead at two seats each. The BJP has also secured leads in two Constituencies: Thrissur and Thiruvananthapuram.

₹429 apiece from Monday's high of ₹559, while REC tumbled to ₹472.40 from its previous high of ₹607.80 per share.Also Read: Stock market today: Investors lose ₹38 lakh crore as election race gets tighter than what exit polls predictedOther multibagger PSU stocks such as RVNL, IRFC, RailTel Corporation, and IRCON International also experienced declines of up to 15% during today's trade. Additionally, defense PSU stocks like Mazagon Dock, Cochin Shipyard, and Bharat Dynamics saw losses of up to 10% in their share values.The entire PSU sector took a hit, reflected in all PSU sectoral indices trading in the red with cuts exceeding 10%.

Uttar Pradesh, is currently trailing.The Congress candidate, KL Sharma, a loyalist of the Gandhi family, has surged ahead with a lead of over 50,758 votes.This development could indicate a significant shift in Uttar Pradesh during this election, potentially setting the stage for a major upset.Also Read: Smriti Irani, Amethi Election Results 2024 Live Updates: Smriti Irani trailing with a margin of 47,424 votesMeanwhile, Rahul Gandhi is leading from Rae Bareli with 1.24 lakh votes.The INDIA bloc is leading in 43 Lok Sabha seats in UP, while the BJP-led NDA is ahead in 36 seats.Among the INDIA bloc parties, the Samajwadi Party (SP) and Congress are leading in 34 and nine seats, respectively, according to the election panel's data for the 80 parliamentary constituencies in the state. Meanwhile, the BJP is leading in 34 seats, with its ally Rashtriya Lok Dal (RLD) ahead in two.Also Read: Election Results 2024 Live Updates: NDA nears 300 seats; INDIA bloc defies exit poll predictions with 222 leadsNotably, Chandrashekhar of the Azad Samaj Party (Kanshiram) is leading by a margin of 53,250 votes over BJP's Om Kumar in the Nagina constituency.Several prominent leaders have secured comfortable leads over their rivals, including Prime Minister Narendra Modi in Varanasi, Home Minister Rajnath Singh in Lucknow, Samajwadi Party chief Akhilesh Yadavin Kannauj and his wife Dimple Yadav from Mainpuri.

₹26 lakh crore in intraday deals to around ₹400 lakh crore from ₹426 lakh crore in the previous session.The BSE Sensex tanked as much as 4,131.44 points or 5.4 percent to its day's low of 72,337.34. Meanwhile, the broader Nifty crashed 1,263.3 points or 5.4 percent to its 22,000.60.Meanwhile, in the previous session on Monday, the Indian stock market experienced its biggest single-day rally since January 2021.