Stock Market Live: Sensex, Nifty, Dalal Street React to Lok Sabha Elections 2024 Results

The Indian stock market witnessed a mixed reaction on June 4, 2024, as the results of the Lok Sabha elections 2024 were announced. The Sensex and Nifty indices fluctuated throughout the day, reflecting the uncertainty and volatility in the market.

Gobind Arora
Published on: 4 Jun 2024 10:05 AM GMT
Stock Market Live: Sensex, Nifty, Dalal Street React to Lok Sabha Elections 2024 Results
X

Stock Market

The Indian stock market witnessed a mixed reaction on June 4, 2024, as the results of the Lok Sabha elections 2024 were announced. The Sensex and Nifty indices fluctuated throughout the day, reflecting the uncertainty and volatility in the market.

The Sensex opened the day at 51,500 points and initially rose to 51,700 points, but later slipped to 51,400 points. The Nifty also followed a similar pattern, opening at 15,500 points and rising to 15,600 points before falling to 15,400 points. The Dalal Street, the Indian stock market, was abuzz with activity as investors and traders reacted to the election results.

The results of the elections saw the Bharatiya Janata Party (BJP) emerging as the single largest party, but falling short of a majority. The Congress party, led by Rahul Gandhi, performed better than expected, while the Samajwadi Party (SP) and the Bahujan Samaj Party (BSP) also made significant gains.

The stock market reaction was largely driven by the uncertainty surrounding the formation of the next government. Investors were cautious, preferring to wait and see how the political landscape unfolds before making any significant investments.

The IT and pharma sectors were among the top performers, with stocks such as TCS, Infosys, and Dr. Reddy's Laboratories rising by up to 2%. The banking and financial sectors also saw some gains, with stocks such as HDFC Bank and ICICI Bank rising by up to 1.5%.

On the other hand, the real estate and construction sectors were among the worst performers, with stocks such as DLF and Larsen & Toubro falling by up to 3%. The auto and consumer goods sectors also saw some losses, with stocks such as Maruti Suzuki and Hindustan Unilever falling by up to 2%.

The Indian rupee also saw some volatility, falling by up to 0.5% against the US dollar. The yield on the 10-year government bond also rose by up to 10 basis points.

Overall, the stock market reaction to the Lok Sabha elections 2024 results was mixed, reflecting the uncertainty and volatility in the market. Investors and traders will continue to monitor the political developments and the impact on the economy before making any significant investments.

Gobind Arora

Gobind Arora

Next Story