The counting of votes for Lok Sabha Elections 2024 has been underway and it is proving to be one of the most tense elections in the history of India. The ruling Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) is facing tough competition from Congress led opposition alliance I.N.D.I.A. The current trends have already proved the exit polls, which were released a day before yesterday, to be wrong.
As a result of such high volatility elections, the share market can be seen suffering. A sharp selloff in the Indian stock market resulted in a significant loss for investors, reducing their wealth by approximately Rs. 38 lakh crore in intraday trading on Tuesday, June 4. At around 12: 15 pm, the overall market capitalisation (mcap) of companies listed on the BSE plummeted to nearly Rs. 388 lakh crore, from Rs. 426 lakh crore at the previous session’s close.
Indices SENSEX and Nifty50 cracked over 8 per cent each, while the BSE Midcap index nosedived 10 per cent and the BSE Smallcap suffered a loss of over 8 per cent intraday on Tuesday.
The Indian stock market has crashed twice the size of Pakistan’s over GDP in its intraday loss. As of February 2024, the International Monetary Fund (IMF) estimated Pakistan’s GDP to be around $341 billion, which is roughly equivalent to Rs. 15 lakh crore.
