Indian stock market: 8 key things that changed for market overnight - Gift Nifty to Lok Sabha election results 2024
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 5On Tuesday, the Indian stock market suffered a massive selloff after the Lok Sabha election result trends fell short of what the exit polls had predicted, spooking investors.The Sensex crashed 4,389.73 points, or 5.74%, to close at 72,079.05, while the Nifty 50 settled 1,379.40 points, or 5.93%, lower at 21,884.50.“Markets will likely shed the 'Modi premium,' causing a correction in PSU and infra stocks. Once this turbulence stabilizes, attention will shift to the core macro factors affecting India.
Investors should brace for volatility in the short term, but the underlying fundamentals of India's growth story remain strong," said Amisha Vora, Chairperson & MD, Prabhudas Lilladher.Here are key domestic and global market cues for Sensex today:The Lok Sabha election results 2024 came as a negative surprise for the Indian stock market as the ruling BJP fell short of a full majority in the lower house of the parliament. However, Prime Minister Narendra Modi will return to power for the historic third consecutive term but with a lower margin.
The BJP-led National Democratic Alliance (NDA) won around 295 seats, more than the 272 needed for the coalition to form the government.Read Election Results 2024 Live Updates hereGift Nifty was trading around 22,040 level, a premium of nearly 130 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.Asian markets traded mixed on Wednesday tracking overnight gains on Wall Street. Japan’s Nikkei 225 fell 1.14%, while the Topix declined 1.4%.
South Korea’s Kospi gained 0.63% and the Kosdaq rose 0.21%. Hong Kong’s Hang Seng index futures indicated a
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