Mumbai, & June
SUNDAR SETHURAMAN
Benchmarks slip 6% in worst
result-dayfall since1999
The equity market took a precipitous
plunge on Tuesday, obliterating¥31trillion
of investor wealth, after Lok Sabha election result
trends signalled that the ruling Bharatiya Janata
Party (BJP) was falling way behind
the halfway mark.
During intraday trading, the Nifty 50 plummeted
by nearly 1,900 points a 9 per cent nosedive while the Sensex shed as much as 6,000 points.
The
market’ sjitters were palpable, with concemns switling
around the composition of the incoming government and its political stability.
The Nifty 50 closed at 21,885 its lowest level since
March 20 reflecting a drop of 1,379 points or nearly
6 per cent. The Sensex, after bottoming out at 70,234,
closed at 72,079, marking a decline of 4,390 points or
5.7 per cent. Foreign Portfolio Investors (FPIs) were net
sellers to the tune vf Rs12,436 crore the highest single
day selling by them.
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