The NSE Nifty plunged 1,379.4 points or 5.93 per cent to settle at 21,884.5
Indian equity indices suffered their most significant decline in more than four years, with the BSE Sensex tumbling nearly 6 per cent as vote counting trends showed the BJP may not have a clear majority in the Lok Sabha polls. Equity investors suffered a massive loss of Rs 31 lakh crore on Tuesday.
Erasing the record rally on Monday, the BSE Sensex tanked 4,389.73 points or 5.74 per cent to settle at 72,079.05. The NSE Nifty plunged 1,379.4 points or 5.93 per cent to settle at 21,884.5.
Previously, markets declined by over 13 per cent on March 23, 2020, when lockdown was imposed due to the COVID-19 pandemic. In line with weak trend in equities, the market capitalisation of BSE-listed companies eroded by Rs 31,07,806.27 crore to Rs 3,94,83,705.27 crore ($4.73 trillion) on Tuesday after hitting an all-time peak of Rs 4,25,91,511.54 crore ($5.13 trillion) on Monday.
“While the immediate market reaction to the election results has been volatile, the overall long-term outlook remains positive, particularly if policy continuity is maintained. Investors are encouraged to stay informed, focus on fundamentals, and be prepared for short-term fluctuation,” said Pradeep Gupta, Co-founder & Vice-chairman of Anand Rathi Group.
Here are the key stocks to watch on June 5:
Tata Motors: The company board approved to set up a wholly-owned subsidiary for the commercial vehicles business. The company proposed the name of the new unit as TML Commercial Vehicles. In addition, board of Tata Motors Finance, a step-down wholly-owned subsidiary of Tata Motors, and board of Tata Capital approved scheme of arrangement among Tata Motors Finance and Tata Capital under which, Tata Motors Finance will be merged into Tata Capital.
State Bank of India: The public sector bank said that its board of directors would meet on June 11 to contemplate long-term fund raising in single/multiple tranches of up to $3 billion a public offer or private placement of senior unsecured notes in US Dollar or any other major foreign currency during FY 2024-25.
Container Corporation of India: The company signed an MoU with the Shipping Corporation of India to explore business opportunities for leveraging the advantage of each other’s infrastructure and experience in synergy to offer seamless and cost-effective end-to-end logistics services to customers under a single window.
Jindal Stainless: The company has acquired 100 per cent stake in Evergreat International Investment Pte, Singapore. “Acquired 100 per cent stake of EIPL. Consequently, EIPL has become a wholly owned subsidiary, and Chromeni Steels Private Limited (CSPL) a step-down subsidiary,” said the company in an exchange filing.
Wipro: The IT major has collaborated with Zscaler to introduce Wipro Cyber X-Ray, an AI-assisted decision support platform.