Sensex tanks 2,000 points, Nifty below 22,700

Sensex and Nifty surprising tanked by 2% each as the counting for the 543 Lok Sabha constituencies begins on Tuesday. However, tt soared to record-high levels on Monday after the exit polls predicted the return of the Modi government for the third straight term.

Sensex surged 2,778 points, nearly 4 per cent, to hit its all-time high of 76,738.89. Nifty 50 surged 808 points, nearly 4 per cent, to hit its fresh record high of 23,338.70.

Sensex and Nifty logged their biggest single-day gains since February 1, 2021, when indices had jumped nearly 5% after the budget presentation. Interestingly, Sensex and Nifty had spurted more than 3 per cent on May 20, 2019, after the exit polls predicted a major win BJP-led NDA in the 2019 general elections.

The market capitalisation of BSE-listed companies jumped to ₹4,25,91,511.54 crore (USD 5.13 trillion).

As many as 2,346 stocks advanced while 1,615 declined and 154 remained unchanged on the BSE.

The market capitalisation of NSE-listed companies stood at ₹422.48 lakh crore (USD 5.09 trillion).

India’s economy grew by 8.2 per cent in the fiscal year that ended in March, cementing the country’s position as the fastest-growing major economy in the world.

Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for the third straight term, with the BJP-led NDA expected to win a big majority in the Lok Sabha polls.