The Indian stock market witnessed a massive selloff on Tuesday, June 4, 2024, as the final results of the general elections were far from what the exit polls had predicted. The Sensex plunged 4,390 points or 5.74% to close at 72,079.05, while the Nifty 50 declined by 1,379 points, or 5.93% to end at 21,884.50. It was the biggest single-day percentage fall for the Nifty 50 in over four years since March 2020.
Sensex chart: TradingView
Among the Nifty 50 top gainers today was Hindustan Unilever leading in gains by recording a 5.78% increase. The stock opened at Rs 2,374.00 and reached a high of Rs 2,510.05 and a low of Rs 2,342.10 before closing at Rs 2,492 up from its previous close of Rs 2,355.
Source: NSEIndia
Britannia Industries gained 3.33%.The stock opened at Rs 5,205.55 and hit a high of Rs 5,414.40 and a low of Rs 5,127.05. Its LTP of Rs 5,339.90 was higher than the previous close of Rs 5,167.80
Nestle India rose 3.27% with an LTP of Rs 2,432. The stock opened at Rs 2,363.95, reached a high of Rs 2,438.00 and touched a low of Rs 2,327.45 before closing at Rs 2,432.15 up from its previous close of Rs 2,355.05.
Hero MotoCorp gained 3.16%, closing at Rs 5,323.90. The stock opened at Rs 5,165.00 and hit a high of Rs 5,349.00 and a low of Rs 4,920.25 while its LTP of Rs 5,323.90 was higher than the previous close of Rs 5,160.60
Tata Consultancy Services Ltd increased by 1.68% with an LTP of Rs 1,087.10. The stock opened at Rs 1,069.15 and reached a high of Rs 1,092.60 while recording a low of Rs 1,028.90 before closing at Rs 1,087.10 up from its previous close of Rs 1,069.15
On the other hand, among the top losers in the Nifty 50 was Adani Ports leading the team by dripping 21.40% and closing at Rs 1,245.00 down from its previous close of Rs 1,583.95. The stock opened at Rs 1,558 which happems to be the intraday high and dropped to record a low of Rs 1,188.00
Source: NSEIndia
Adani Enterprises followed by dropping 19.07%. The stock opened at Rs 3,520 which is still the intraday high and dropped to touch a low of Rs 2,733.95 before closing at Rs 2,950.00 down from its previous close of Rs 3,645.25
ONGC Ltd declined by 16.23% closing at Rs 238. The stock opened at Rs 285 as the days’ high and went ahead to record a low of Rs 223.00 lower than its previous close of Rs 284.10
NTPC Ltd fell 14.52%. The stock opened at Rs 391.90, similar to the intraday high and dropped to touch a low of Rs 313.95 before closing at Rs 334.90 down from its previous close of Rs 391.80
Coal India Ltd decreased by 13.54% by closing at Rs 443. The stock opened at Rs 512.35, hitting a high of Rs 512.40 and a low of Rs 410.80. Stock closed lower than its previous close of Rs 512.35
The sharp decline today in the stock market ca be linked to the concerns of investors over political stability and policy continuity after the elections. While the NDA may still form the government experts suggested that the new government might find it challenging to take bold policy measures confidently
