Reported 4 months ago
Indian shares experienced their worst day in over four years as voting trends indicated Prime Minister Narendra Modi's alliance falling short of expected victory margins, causing the NSE Nifty 50 to drop 5.9% and the S&P BSE Sensex to fall 5.7%. The market reacted negatively to exit polls projecting a smaller victory. While Modi's National Democratic Alliance is still expected to form the government, a decrease in Bharatiya Janata Party seats might hinder aggressive reform efforts. High-frequency trading sales and margin calls exacerbated the decline, with finance, infrastructure, and realty sectors dipping significantly, while FMCG stocks saw a slight rise. Adani group stocks plummeted, and concerns regarding India’s high valuations also contributed to the market's downturn.
Source: YAHOO