Indian Stocks Plummet Amid Giant Election Counting

London: 4 June 2024 (TraderMade): India and the rest of the world await the results of the parliamentary elections. The burning question is whether Modi will retain power with the predicted landslide victory.

Current Trends Show Narrow Leads to Modi

Presently, the Modi-led National Democratic Alliance (NDA) seems to have won the magic number to become the majority and form the central government for the third consecutive term. However, the massive victory anticipated during exit polls looks unlikely.

Impact on Indian Stock Markets

As we know the stock markets are always sensitive to geopolitical events. When the largest democracy is on the toes to see if the nation’s direction would change or remain the same if Modi makes a hat-trick, the significant indices in India are declining:

India’s NSE Nifty 50 index dipped 6.54% at about 07:14 AM GMT (12:44 PM IST).

Similarly, S&P BSE Sensex also followed suit to decline by 5.37% today.

However, we can see a slight uptrend in these indices before a while. So, the market participants will closely watch these election results and their market implications until the clear picture regarding India’s next government is unveiled by this evening.