Sensex, Nifty nosedive as initial trends predict lesser seats for BJP than exit polls prediction

Mumbai: Benchmark equity indices Sensex and Nifty tanked over 5 per cent in late morning trade on Tuesday as the initial trend showed BJP winning lesser number of seats than predicted in exit polls.

The 30-share BSE Sensex dropped 3,311.87 points or 4.33 per cent to 73,156.91. The NSE Nifty tumbled 1,102.55 points or 4.73 per cent to 22,161.35.

Soon after the BSE benchmark dived 4,131.44 points or 5.40 per cent to 72,337.34, and the Nifty slumped 1,263.3 points or 5.43 per cent to 22,000.60.

Among the 30 Sensex companies, State Bank of India tanked over 10 per cent, while Power Grid and NTPC plunged nearly 10 per cent.

Larsen & Toubro, Axis Bank, Tata Steel and Reliance Industries were the other big laggards.

The BJP-led NDA on Tuesday was leading in 280 seats to cross the majority in trends available for 528 seats, while the Congress also crossed the 100-mark in terms of leads, the Election Commission data showed.

The BJP was ahead in 234 seats at 10:30 am and won the Surat seat in Gujarat uncontested.

The Congress-led INDIA bloc was leading in 200 seats, a performance that appeared much better than what was predicted in the exit polls.

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 0.82 per cent to USD 77.72 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.