Verdict Day: D-Street investors lose Rs 9 lakh crore in 15 minutes as Sensex crashes 1,600 points
investors chose to adopt a risk-averse stance ahead of the announcement of Lok Sabha election results later in the day, Sensex opened over 1,600 points lower on Tuesday, dragged by heavyweights Reliance Industries, and financial stocks.
As of 9:50 am, the BSE Sensex was trading 1,700 points, or 2.09%, lower at 74,867.26. The Nifty50 was down 509.60 points, or 2.19%, trading at 22,754. Volatility gauge India VIX also spiked 20% to 25 levels.
Meanwhile, the market capitalisation of all listed companies on BSE declined by Rs 8.78 lakh crore to Rs 417.13 lakh crore
From the Sensex pack, Reliance Industries and HDFC Bank alone contributed to a 565-point decline in the index, while L&T, SBI, ITC, NTPC, and Power Grid were other stocks dragging the index downwards.
However, earlier exit polls have projected a big win for Modi, leading to markets soaring to all-time highs on Monday as investors were buoyed by expectations of sustained economic growth.
Meanwhile, Modi's Bharatiya Janata Party-led NDA alliance raced to early leads, pulling ahead in more than 290 seats out of the total 543 in the lower house of parliament.
«With the 733 point rally in the Nifty yesterday the market has already discounted a clear win for the NDA and majority on its own for BJP. Only a dramatic change from this expected outcome will cause a major change in the market,» said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
«Investors need not rush in to buy today even if the results confirm the exit polls. Remain
