Sensex, Nifty Tank on Election Results: Stock Market Update

Mumbai, Jun 4 (PTI) Benchmark equity indices Sensex and Nifty tanked in early trade on Tuesday on heavy profit-taking after a massive rally in the previous trade as initial counting for the Lok Sabha polls showed a mixed trend.

The 30-share BSE Sensex dropped 1,715.78 points to 74,753 in early trade. The NSE Nifty tumbled 539.1 points to 22,724.80.

Later, the BSE benchmark traded with a sharp cut of 2,623.91 points at 73,844.36 and the Nifty quoted 617.45 points lower at 22,646.45.

Among the 30 Sensex companies, Larsen & Toubro, Power Grid, NTPC, State Bank of India, Reliance Industries and HDFC Bank were the biggest laggards.

Sun Pharma and Nestle were the only gainers.

The BJP-led NDA on Tuesday surged ahead with leads in more than 200 parliamentary seats out of 350 for which trends were available, with the opposition INDIA bloc ahead in 120, according to television reports.

Foreign Institutional Investors (FIIs) bought equities worth Rs 6,850.76 crore on Monday, according to exchange data.

In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong traded with gains.

US markets ended on a mixed note on Monday.

Global oil benchmark Brent crude declined 0.68 per cent to USD 77.83 a barrel.

Markets jumped sharply on Monday after exit polls predicted a massive win for the BJP-led NDA in the Lok Sabha polls.

The BSE benchmark soared by 2,507.47 points or 3.39 per cent to settle at a new closing peak of 76,468.78 on Monday, marking its biggest single-day gain in three years. During the day, the barometer jumped 2,777.58 points or 3.75 per cent to hit a record intra-day peak of 76,738.89.

The NSE Nifty climbed 733.20 points or 3.25 per cent to finish at 23,263.90. During the day, it soared 808 points or 3.58 per cent to hit a fresh intra-day all-time high of 23,338.70.