ET Online election results poll: Markets bleed as counting trends show no sign of Modi magic

Lok Sabha election results 2024: Before the big day on June 4, all speculations were centred upon how big will BJP-led NDA's victory margin be. But as the counting process unfolded, India was in for a shocker of sorts -- in the first two hours, the INDIA bloc didn't trail anywhere as badly as expected, running almost neck-to-neck with the NDA.

And the trend stuck, stoking major suspense throughout the day as to which way things eventually turn.

Stock markets took note of the unfolding big event with a sense of foreboding. At 12.15 pm, benchmark index Sensex was trading about 5,500 points down, after opening sharply lower in line with pre-market trends.


Today's closing losses for the Nifty stood ta 1,380 points. At an astonishing 33%, the India volatility index (VIX) also shot up sharply during the day.

With investors likely taking a risk-averse stance, Sensex opened over 1,600 points lower today, dragged by heavyweights, leaving investors licking their wounds after losing Rs 9 lakh crore in just 15 minutes. And things kept getting worse and worse, with the benchmark index finally closing 4,390 points in the red.

In a survey run by ET Online a few days before the 2024 Lok Sabha election results, more than 70% of the total participants (numbering over 10,000) had said that a BJP defeat in these elections would be bad for the Indian stock markets. A far smaller number -- less than 14% respondents -- had said that election results won't impact markets.

On June 3, the first day of trading following the exit polls most of which gave the ruling BJP-led NDA a thumping majority in the 2024 elections, Sensex had closed with a sizeable gain of more than 2,500 points, with the so-called Modi stocks driving the day's market rally. Indian markets ended the day at new lifetime highs, driven by investor expectation of sustained growth on a Modi win.