Indian stocks experienced a sharp decline from record highs on Tuesday, erasing much of the gains made in the previous session. This downturn was driven by early vote counting in the closely-watched 2024 general election, which indicated a less decisive victory for the BJP than initially anticipated.
The Nifty 50 index fell 3.8% to 22,400 points, retreating from the record highs of over 23,000 points reached on Monday. The BSE Sensex 30 dropped 1.8% to 75,133.82 points by 9:31 IST (00:01 GMT).
Both indices had surged over 3% on Monday following exit polls over the weekend that predicted a sweeping victory for the BJP-led NDA alliance in the 2024 elections, suggesting a rare third term for Prime Minister Narendra Modi.
Vote counting commenced on Tuesday morning. Early data from the Election Commission indicated a BJP victory, but with a significantly narrower majority than in 2019.
As of 9:27 AM IST (03:57 GMT), early results showed that of the 311 constituencies that had declared votes, the BJP was poised to win 153 seats in India’s Lower House, while the Indian National Congress, the main opposition party, was set to win 61 seats.
A narrower win for the BJP suggests a more challenging path for the party to implement its planned economic reforms, which include increased spending on infrastructure and manufacturing.
Investors have generally favored the BJP’s pro-business policies over the past decade, although the party’s stance towards certain minorities in India has faced significant criticism.
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