The BSE Sensex was down by 5.74 per cent, or 4389 points, to 72,097, while the NSE Nifty was at 21,884 down by 5.93 per cent, or 1,379 points, at 3.30 pm.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The unexpected outcome of the general election sparked a wave of fear selling in the domestic market, reversing the recent substantial rally. Despite this, the market maintains its expectation of stability within the coalition, led by BJP as the major election winner, thereby mitigating substantial downside in the medium-term. This is likely to lead to a major shift in political policy with a focus on social economics, which will have a positive effect on the rural economy.
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Alongside, the sectors that have topped in the past five years, including power, capital goods, real estate, and industrials, are advised to exercise caution in the near term. Nevertheless, the long-term growth prospects for these sectors remain robust.”
Top gainers on the NSE at 3.20 pm include Hindustan Unilever (5.52 per cent), Britannia (2.91 per cent), Nestle India (2.64 per cent), Hero MotoCorp (2.60 per cent), and Tata Consumer Products (1.04 per cent). Top losers include Adani Ports (-21.18 per cent), Adani Enterprises (-19.82 per cent), ONGC (-17.72 per cent), NTPC (-15.9 per cent), and SBI (-15.22 per cent).