Sensex, Nifty tank 7% as BJP tally surprises Dalal Street

The BSE Sensex and the Nifty 50 were trading as much as 7% lower on Tuesday as early trends showed a lower-than-expected seat tally for the Bharatiya Janata Party-led National Democratic Alliance (NDA).

Equity benchmark the BSE Sensex fell 6.8% as of 12:15 pm while the Nifty 50 Index was down as much as 7%.

Adani Enterprises, the flagship entity of the Gautam Adani-led conglomerate, was trading 25% lower at ₹2,740 on the National Stock Exchange (NSE). Most of the Adani group stocks were trading close to the lower circuit limit. Adani Ports and Special Economic Zone (APSEZ) shares crashed 25% ₹1,188 on the BSE.

Shares of Mukesh Ambani-led Reliance Industries fell 10% to hit a low of ₹2,719.15 on the BSE.

Shares of India’s largest public sector lender, the State Bank of India, fell as much as 19% to hit a low of ₹734.25 on the BSE. Stocks of public sector enterprises were the worst hit. Shares of Rail Vikas Nigam Ltd (RVNL) hit the 20% lower circuit during intraday trade. Shares of Rural Electrification Corporation (REC) tanked as much as 25% to hit a low of ₹453.45 on the BSE. Shares of Power Finance Corporation also fell 25% to hit a low of 416.20.

Shares of IRCTC were down 20% in intraday trade to hit a low of ₹843.45 on the BSE.

The Prime Minister Narendra Modi-led BJP was leading in 239 seats and had won 1 seat. Rahul Gandhi’s Congress was leading in 94 seats. Akhilesh Yadav-led Samajwadi Party was leading in 35 seats. Mamata Banerjee -led All India Trinamool Congress was leading in 30 seats.

While the NDA seems on track to retain power, the BJP on its own is still away from the 272 halfway mark needed to form a government. The total tally of NDA in early leads is way below the promised 400-mark.

In Uttar Pradesh, early trends reveal substantial gains for the INDIA bloc, driven by Akhilesh Yadav’s SP. The BJP leads in 34 seats, RLD in 2, SP in 30, and Congress in 6.

In Gurgaon, BJP veteran Rao Inderjit Singh is trailing Congress’s Raj Babbar by 25,462 votes, hinting at a potential upset. The NDA is currently leading in 30 seats across Bihar, while the INDIA bloc has a lead in seven seats.