The results of the Lok Sabha elections have been announced, after which the stock market suffered a huge setback on Tuesday, June 4. A huge decline was seen in the stock market during this period. Now, the very next day after the election results, the Indian stock market is recovering to some extent. As soon as the market opened on Tuesday, the Sensex rose by 950 points. The Sensex has also crossed the 73 thousand mark during this period.
Sensex and Nifty faced a huge decline in the last session when the election results were announced. Now it was expected that the market would adopt a positive stance on Wednesday. The market opened well on Wednesday. After a huge decline on Tuesday, the BSE Sensex comprising 30 shares started trading on the green mark. During this period, the Sensex rose 948.83 points to reach 73,027.88 points. Apart from this, NSE Nifty is trading at 22,131.60 points, up 247.1 points.
The markets fell sharply on Tuesday after the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) got a lesser majority than expected in the general election results. Out of the 30 companies listed on the Sensex, Hindustan Unilever, Nestle, Asian Paints, HCL Technologies, HDFC Bank, Kotak Mahindra Bank and ITC shares rose the most. Shares of Larsen & Toubro, Power Grid, NTPC and State Bank of India suffered losses. In Asian markets, South Korea’s Kospi and China’s Shanghai Composite were in profit, while Hong Kong’s Hang Seng and Japan’s Nikkei were in loss.
US markets closed on a positive note on Tuesday. Global oil benchmark Brent crude futures were trading 0.04 percent lower at US$ 77.49 per barrel. According to stock market data, foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday and sold shares worth Rs 12,436.22 crore. The Election Commission of India has declared the results of 543 Lok Sabha constituencies in the country. In this, the Bharatiya Janata Party (BJP) has won 240 seats and the Congress 99 seats. The BJP-led National Democratic Alliance has got a majority in the Lok Sabha and Prime Minister Narendra Modi is set to form the government for the third consecutive time.
