The share market is forming a roller coaster today. The Nifty 50 share has fallen by -5.93% or 1,379.40 points. Thus, the Nifty 50 is currently at Rs. 21,884.50. However, Sensex also has a fall. It fell by 5.74% which is 4,38973 points. Sensex is currently at 72,079.05 per share. Why is this downfall coming? Well, the major reason is the ongoing Lok Sabha Elections 2024 results. The Exit polls point out no clear majority. Thus, it led to a sudden fall in the market. Let’s understand more about it below.
The Share Market Fell After Receiving No Clear Majority In The Exit Polls
The share market has witnessed the greatest fall in the year. The Nifty 50 is down by 4,389.73 points. It opened at Rs. 76,300.46. At the same time, it closed at 72,573.79 today. It is between its 52-week high and low. The beginning of the trade window was tense as people ran to sell the shares together, leading to a downfall. The major cause behind this downfall is the failure of predictions related to the exit poll. The BJP party had a slogan for this time, Abhki Baar 400 Paar. Thus, the market expected the BJP to cross 400 seats by coming in the clear majority. However, the tables seem to be turning. There is no clear majority for any party. There is still confusion between the NDA and the All India Alliance.
People look divided between the All India Alliance and the BJP. At the same time, the Congress is going as the second highest. The NDA expected at least 350 seats while the Alliance expected 150 seats. However, the actual data is completely different. There are 230+ seats for the Alliance. Thus, these all contribute to the impact on the share market. The market had a major fall at 12:25 p.m. today. During that point, NDA was said to be having around 250 seats. While the India Alliance showed around 240 seats at that time. Thus, it was a tough competition.
The market expected a lower circuit. However, NDA again took off. Thus, the market made some recovery. No one expected this results in the exit poll. We saw a rise in the market yesterday. Where the government-related companies boomed. However, the scenarios are all different at the moment. BJP seems to take the support from the other related parties for the win. Thus, the market closed with a fall of almost 6%. Until now, the voting is still in counting where NDA is ahead. However, there is no clear majority at the moment.