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Exit polls euphoria led to stocks rout; reforms to suffer under coalition: Experts

YourStory

YourStory · 1y ago

Exit polls euphoria led to stocks rout; reforms to suffer under coalition: Experts

The Indian equity market experienced a sharp decline due to the uncertainty surrounding the election results. Market participants anticipate a coalition government, which could lead to policy paralysis and uncertainty in decision-making. However, experts emphasize that the long-term prospects for India's economy remain intact and advise investors to take advantage of the volatility by building their portfolios. The outcome of the election will determine the government's economic policies and factors such as GDP growth and global conditions will play a significant role in shaping the future trajectory of the market.

Related News

2024 Lok Sabha Election Results: New-Age Tech Stocks Suffer As Stock Markets Slump

Inc42 · 1y ago

2024 Lok Sabha Election Results: New-Age Tech Stocks Suffer As Stock Markets Slump

The market crash has led to a significant decline in the stock prices of 23 new-age tech stocks under Inc42's coverage. The stocks fell between 1% and over 10% by 11.30 AM IST, following results of the early vote count that were lower than expected based on exit polls. The Sensex and Nifty50 also experienced steep declines during the same period. The Sensex dropped 3,278 points or 4.28% to 73,321, while the Nifty50 crashed nearly 1,074 points or 4.61% to 22,233.35.

Market gains 3% amid high volatility; IT index outperform

Money Control

Money Control · 1y ago

Market gains 3% amid high volatility; IT index outperform

The Indian market rebounded strongly, gaining over 3% despite the lack of a clear mandate for the BJP-led NDA in the exit polls. The RBI's raised growth forecast for FY25 and the announcement that Narendra Modi will form a new government for the third time boosted investor sentiments. The BSE Sensex and Nifty50 both reached all-time highs. The BSE Small-cap and BSE Mid-cap indices rose 3%, with certain stocks seeing significant increases. The BSE Large-cap index also increased by 3%, with gains in selected stocks. The Nifty IT and FMCG indices saw significant gains, while the Nifty PSU Bank index declined. Foreign institutional investors sold equities worth Rs 13,718.42 crore, while domestic institutional investors bought equities worth Rs 5,578.71 crore.

Major trading apps Zerodha, Groww face glitch after market hits all-time high

Internet

Internet · 1y ago

Major trading apps Zerodha, Groww face glitch after market hits all-time high

Major trading apps like Zerodha and Groww experienced glitches after the stock market hit record highs following exit polls indicating a likely third term for the BJP-led NDA. The Sensex surged over 2,000 points to 76,738.89, and the Nifty reached 23,338.70. The high trading volume also caused the CDSL website to go down.

Nvidia’s $240 Billion Swoon Leads Rout in Semiconductor Stocks

Livemint

Livemint · 1y ago

Nvidia’s $240 Billion Swoon Leads Rout in Semiconductor Stocks

Nvidia Corp. shares fell by 8.4% after their earnings report failed to meet expectations. This led to a broader decline in the semiconductor industry, with an index of 30 chip-related companies falling by 6.1%. The drop is attributed to post-earnings disappointment and a rotation towards cheaper stocks. There are concerns about the sustainability of heavy spending on hardware used in artificial intelligence computing, as companies like Nvidia and Intel have not seen corresponding revenue growth from the increased spending. Nvidia's stock remains the best performer in the S&P 500 this year, with a gain of 122%.

Sensex, Nifty hit all-time high as exit polls predict big win for BJP-led alliance in Lok Sabha polls

YourStory

YourStory · 1y ago

Sensex, Nifty hit all-time high as exit polls predict big win for BJP-led alliance in Lok Sabha polls

The Sensex and Nifty, India's benchmark equity indices, surged nearly 4% in early trade on Monday to reach all-time high levels. This comes after exit polls predicted a significant victory for the BJP-led NDA in the Lok Sabha polls. All 30-Sensex companies were trading in the green, with Power Grid, NTPC, Larsen & Toubro, State Bank of India, Axis Bank, IndusInd Bank, ICICI Bank, and Mahindra & Mahindra as the biggest gainers. Additionally, the Indian economy grew by 8.2% in the previous fiscal year, solidifying its position as the fastest-growing major economy globally.

Reliance, financials push Sensex, Nifty to record highs ahead of election results

VCCircle

VCCircle · 1y ago

Reliance, financials push Sensex, Nifty to record highs ahead of election results

Indian shares surged to record highs on Monday, driven by financials, Reliance Industries, and energy stocks, following exit polls projecting a third term for Prime Minister Narendra Modi's government in the recently concluded general elections. The Nifty 50 rose 3.25% to 23,263.90 points, and the Sensex added 3.39% to 76,468.78, with both indexes marking their best session in 40 months. Financials and state-owned lenders experienced the highest gains, while energy and oil & gas sectors also performed well. The official election results are due on June 4.

Karnataka proposes raising daily working hours for IT workers

Inshorts · 1y ago

Karnataka proposes raising daily working hours for IT workers

The Karnataka government is under fire for planning to extend IT employees' daily working hours from 10 to 14. This has led to protests from IT unions representing 2 million workers, who are calling the proposal "inhuman". Studies show that 45% of IT workers suffer mental health issues and 55% face physical health impacts.

America's largest power grid is struggling to meet demand from AI - The Economic Times

Economic Times

Economic Times · 4m ago

America's largest power grid is struggling to meet demand from AI - The Economic Times

America’s largest power grid, PJM, is struggling to meet growing demand due to rising data center and AI power needs, outpacing new power plant construction. Electricity prices are soaring, causing political and regulatory issues, with Pennsylvania threatening to exit the grid. Although reforms are underway, delays persist. PJM is under pressure to fast-track new power projects and manage expenses, while operational disruptions and potential blackouts loom.

Rupee logs best intraday rise in more than five months

VCCircle

VCCircle · 1y ago

Rupee logs best intraday rise in more than five months

The Indian rupee experienced its best intraday rise in over five months, driven by exit polls projecting a third term for Prime Minister Narendra Modi's party and alliance. The rupee closed at 83.1425 against the U.S. dollar, up almost 0.4% for the day. Importer hedging and bids from state-run banks limited the currency's gains. The positive sentiment also led to record highs for benchmark Indian equity indices. However, investors remain cautious and await the official results of the national election on Tuesday.

Equity markets fall as victory margin for Modi unclear in early trends

VCCircle

VCCircle · 1y ago

Equity markets fall as victory margin for Modi unclear in early trends

Indian financial markets experienced a sharp sell-off as early vote counting trends indicated that Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) may not win a majority as predicted by exit polls. The National Democratic Alliance (NDA) led by Modi was expected to secure a big victory, leading to a surge in markets on Monday. However, investors are now seeking more clarity on the actual number of seats that the NDA will secure. The Nifty index and BSE index both dropped significantly, but have since recovered slightly.

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