Stock markets erased over half of the gains made yesterday as BSE Sensex was down by 2.40 per cent or 1,837 points to 74,631, while the NSE Nifty was at 22,685 down by 2.48 per cent or 578 points at 9.40 am on Tuesday.
A total of 3,229 stocks were actively traded, 437 advanced, while 2,716 declined and 77 stocks remained unchanged; 66 stocks hit a 52-week high and 100 stocks hit a 52-week low on the BSE.
All stocks declined in the Nifty 50 pack. Top losers include Adani Enterprises (-9.55%), Adani Ports (-9.50%), Coal India (-8.53%), NTPC (-7.98%), ONGC (-7.36%).
Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “With the 733-point rally in the Nifty yesterday the market has already discounted a clear win for the NDA and majority on its own for BJP. Only a dramatic change from this expected outcome will cause a major change in the market.
“Investors need not rush in to buy today even if the results confirm the exit polls. Remain invested in largecaps and do some profit booking in smallcaps.
“A significant trend yesterday was the largecaps outperforming smallcaps. This is primarily the consequence of FIIs turning buyers. If the FIIs continue to buy, this largecap outperformance will continue. RIL, L&T, HDFC, ICICI and M&M are on strong wickets.”
BSE Smallcap was down by 2.56 per cent and BSE Midcap was down by 2.79 per cent, indicating losses.