Stock Markets Fall Ahead of India Election Results
May 29, 2024 10:03
Indian stock markets declined for the fourth straight day, driven by profit-taking and uncertainty ahead of the Lok Sabha election results. Sensex dropped below 75,000, while Nifty fell by 125 points.
Mumbai, May 29 (PTI) Benchmark equity indices declined in early trade on Wednesday, continuing to fall for the fourth day running, amid profit-taking by investors who are opting for a cautious approach ahead of the Lok Sabha polls' results.
Weak cues from Asian markets also added to the negative trends in equities.
The 30-share BSE Sensex declined 416.1 points to drop below the 75,000-mark to 74,754.35. The NSE Nifty dropped 125.9 points to 22,762.25.
From the Sensex firms, Mahindra & Mahindra, IndusInd Bank, HDFC Bank, Tech Mahindra, Axis Bank and ICICI Bank were the biggest laggards.
Bharti Airtel, Tata Steel, Power Grid and State Bank of India were among the gainers.
In Asian markets, Seoul, Tokyo and Hong Kong were quoting lower while Shanghai traded with gains.
US markets ended on a mixed note on Tuesday.
"The nervousness in the market continues with uncertainty regarding the election results," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
The last phase of polling is scheduled for June 1.
The results of the ongoing general elections will be declared on June 4.
Global oil benchmark Brent crude climbed 0.21 per cent to USD 84.40 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 65.57 crore on Tuesday, according to exchange data.
After gyrating between gains and losses during the day on Tuesday, the BSE benchmark finally ended 220.05 points or 0.29 per cent lower at 75,170.45. The NSE Nifty dropped 44.30 points or 0.19 per cent to settle at 22,888.15.
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