Indian stocks slide ahead of election results
People pass new Nifty Indices branding inside Mumbai's NSE building.
Markets react to election uncertainty
Indian shares fell on Tuesday, wiping out recent gains that had lifted key indices to record highs after early election results indicated a close victory for Prime Minister Narendra Modi's Bharatiya Janata Party. The Sensex has lost almost 3000 points, trading at 73,336.66, down 3132.12 points. The NSE Nifty 50 Index also fell by up to 3.8 per cent in early trading, reflecting market concerns as vote counting began for the election that ended on Saturday.
Rupee and Bonds Weaken Amid Election Volatility
The rupee fell by 0.3 per cent against the dollar, wiping out gains from the previous session, when it had surged the most this year. Bond markets also exhibited symptoms of weakening. Volatility surged, with the NSE's 30-day forward implied volatility indicator rising by up to 17 per cent as the Election Commission of India counted votes. Analysts expect major trends to become clearer within the following few hours.
Modi Stocks and Market Expectations
CLSA's "Modi stocks" index, which tracks stocks closely affiliated with Modi, plummeted over 5%. Adani Group's flagship unit, Adani Enterprises Ltd., was one of the major contributors to the downturn. "The market is priced for 400 seats for the BJP-led alliance, and it appears that will not happen now," said Amit Kumar Gupta, chief investment officer at Fintrekk Capital. "Investors are a little nervous and will stay for the next couple of hours until leads are firmly established."
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Opposition leaders ignored poll forecasts, believing that their coalition, led by the Indian National Congress, would win 295 seats. Polls predicted that the BJP-led alliance would win more than 350 of the 543 seats in the lower chamber of parliament. Analysts remarked that financial markets had already priced in Modi's re-election, and Monday's rally appeared exaggerated. The Nifty experienced its biggest leap in almost three years, while the rupee posted its largest gain of the year.
(With inputs from Bloomberg)