Lok Sabha Election Results 2024 Highlights: NIFTY, SENSEX settle nearly 6% lower as NDA gains only slim majority

Several rounds of counting of votes have been completed, and the results are unlikely to majorly change from here on. The tally of BJP-led NDA (wins + leads) currently stands at 290, whereas the INDIA coalition, headed by the Congress is ahead in 235 seats. The halfway majority mark is 272.

In 2019, the political parties comprising the current NDA had cumulatively won 343 seats, and the parties part of the INDIA bloc had then cumulatively won only 127 seats. Among the latter, some were part of the erstwhile UPA and others had contested without affiliation to any alliance.

Here's how the 2024 Lok Sabha election results tally stands as of 7:20 pm:

Congress leader Rahul Gandhi has been declared the winner from Kerala's Wayanad. He has retained the seat by a margin of 3.64 lakh votes.

Prime Minister Narendra Modi has been declared the winner from Varanasi. He defeated his nearest rival, Congress' Ajay Rai, by a margin of 1.5 lakh votes.

Shiv Sena UBT leader Anil Desai has won the parliamentary seat of Mumbai South Central.

The NDA has taken its lead to 298 constituencies, with the BJP ahead in 243. The INDIA bloc is leading in 229 seats, and the coalition's largest party Congress is ahead in 98 seats.

With NDA gaining only a slim majority as against the exit poll estimates of landslide, the defence sector witnessed a notable setback with stocks plunging by 11% on the Bombay Stock Exchange (BSE).

The Indian rupee slipped against the US dollar, settling 38 paise lower at 83.52 per dollar as compared to the last closing price of 83.14.

NSE NIFTY50 settled 5.93% or 1,379.4 points lower at 21,884.5, whereas BSE SENSEX closed 5.74% or 4,389.73 points lower at 72,079.05.

Bajaj Finserv, LTIMindtree and HDFC Life were among the major NIFTY50 stocks that touched a 52-week low. They their current market price hovered around Rs 1,467, Rs 4,606 and Rs 533, respectively.

FMCG stocks evaded the bloodbath on the Dalal Street, with most of the major companies including Hindustan Unilever, Nestle India, Britannia and Tata Consumer Products trading in the green.

India VIX, the index that measures stock market volatility, has come down from the day's highs. However, it is still 25% higher at 26.25 points.

Former Punjab chief minister and Congress leader Charanjit Singh Channi has been declared the winner from Jalandhar. He won by a margin of more than 1.75 lakh votes.

"The survey agencies that conducted the exit poll should apologise to the people of the country...Their exit poll made a huge change in the share market," Rajya Sabha MP Sanjay Singh, who belongs to the Aam Aadmi Party (AAP), told news agency ANI.

Among the BSE stocks, nearly 650 were locked in the lower circuit, as the markets crashed on Tuesday over the weaker-than-expected results for the National Democratic Alliance (NDA). The coalition is still leading in 290 seats, above the halfway majority mark of 272. However, the BJP of Prime Minister Narendra Modi has slipped to 237 seats, as per the trends.

The BJP is ahead in 14 out of the 225 seats in Rajasthan, whereas the Congress-led INDIA bloc is leading in 11 constituencies.

The INDIA bloc, which comprises Samajwadi Party and Congress, are ahead in 44 seats in Uttar Pradesh, whereas the BJP-led NDA is leading in 35 seats.

Celebrations have erupted at the TDP headquarters in Andhra Pradesh, with the party decisively leading in 125 out of the 175 seats. The party announced that its chief Chandrababu Naidu will be taking oath as the chief minister on June 9.

Congress leader Rahul Gandhi is leading by over 2 lakh votes in Uttar Pradesh's Rae Bareli. This is the second seat which he had contested. He is also ahead from his incumbent Lok Sabha segment of Wayanad in Kerala.

**Lok Sabha Elections Results 2024 LIVE Update at 01:38 pm: Can Nitish Kumar's JD(U) and Chandrababu Naidu's TDP be kingmakers? ** The JD(U) of Bihar CM Nitish Kumar, which is ahead in 15 seats, and Chandrababu Naidu's TDP which is leading in 16 seats, could emerge as the kingmakers, political analysts said. The two parties are currently part of the NDA, which is ahead in 289 seats.

If JD(U) and TDP jump ship, the NDA tally could slip by 31 seats, leaving it below the halfway majority mark of 272.

Notably, JD(U) chief Nitish Kumar and TDP's Naidu were earlier part of the Opposition alliance headed by the Congress. Nitish was part of the coalition till January this year, whereas Naidu had contested along with the Opposition parties in 2019.

The NSE NIFTY50, which plunged over 7% during the intraday trading, has partially recovered. The index is trading 5.57% lower at 21,967.35.

The BSE SENSEX, after plunging 7% during the day's trade, has partially recovered from the lows. The index has recovered by 1,700 points and is currently 4.7% down at 72,803.

The decline in the first half of the trading session has led to NSE NIFTY50 and BSE SENSEX has erased all gains of 2024. However, the benchmark indices partially recovered in the last one hour.

The BJP-led NDA's lead has slipped to 289 seats, only 17 higher than the halfway majority mark. The INDIA bloc is ahead in 236 seats, whereas others are leading in 18.

Lok Sabha Elections Results 2024 LIVE Update at 01:00 pm: BSE Bank index down 7.5%

BSE BANKEX was down 7.5% amid the ongoing market bloodbath. The sharpest plunge was seen by SBI, whose stock fell by over 12%.

From the key seat of Uttar Pradesh's Amethi, Union Minister Smriti Irani is trailing by over 50,000 votes against Congress candidate Kishori Lal Sharma. In Sultanpur, top BJP leader Maneka Gandhi is trailing by 18,000 votes.

BSE-listed companies faced an erasure of market cap of ₹40 lakh crore due to the bloodbath on the Dalal Street. The key sectoral indices were in the red, and the benchmark SENSEX plunged over 6% in the aftermath of trends showing a close electoral contest than expected.

The BJP alone is seen to be leading at 235 seats, as per the trends. This is 37 seats lower than the halfway majority mark of 272. However, the NDA coalition which the party is heading is leading in over 290 seats.

Lok Sabha Elections Results 2024 LIVE Update at 12:25 pm: Rupee plunges further

As against the US dollar, the Indian rupee turned weaker on Tuesday. The rupee is trading 35 paise down at 83.49.

The INDIA bloc is ahead in 33 out of the 48 seats in Maharashtra. Within the alliance, the Congress and Shiv Sena (UBT) is ahead in 11 seats each, whereas NCP (SP) is leading in 8 constituencies.

GAIL, BEL, Powergrid, Coal India, NTPC are among the PSUs that have shedded the most.

Banking Stocks

Adani Group Stocks

India VIX, the index that measures stock market volatility has peaked by 44% to 30.24 points. The index had closed at 20.94 on June 3.

Power stocks are declining steeply amid the ongoing bloodbath on the Dalal Street, dropping by over 20%. REC has dropped 24% on the NSE, Powergrid down 13%, BHEL declined 23.8%, and Adani Power plunged 16%.

The Janata Dal (United) of Bihar Chief Minister Nitish Kumar is seen ahead in 14 seats. Overall, the NDA is ahead in 34 out of 40 constituencies.

Adani Enterprises, the flagship of the ports-to-power conglomerate, has declined 16.19% on the NSE. The shares are trading at Rs 3,055 apiece on the bourse.

Nifty PSE is down around 13% as the trends indicate that the Lok Sabha election results may not turn out as per the expectations. The index was down 1,551.1 points or 13.69% at 9,780.7.

Several bank stocks including those of public sector lenders such as SBI, PNB, and Bank of Baroda, along with private lender Axis Bank, among others, dropped up to 9%. The decline was linked to the increased sell-offs, that was triggered after trends of the Lok Sabha election results showed a tight contest.

NIFTY is facing its biggest single-day fall since February 24, 2022. This comes a day after the benchmark indices were at a record high as market was impressed with the exit polls that showed a landslide victory for the BJP-led NDA.

Four Union Ministers including Smriti Irani, Sanjeev Balyan, Smriti Irani, Kaushal Kishore and Ajay Mishra Teni are trailing. All of them are in the fray from Uttar Pradesh.

The BJP-led NDA has slipped below the 300 seats-mark in the trends so far. The coalition is ahead in 289 seats, whereas, the Congress-led INDIA bloc is ahead in 234 seats.

NSE NIFTY50 is 1,000 points or 4.3% at 22,251.5. The BSE SENSEX is trading lower by 3,259.1 points or 4.26%.

The trends so far indicate that the BJP-led NDA is ahead in 34 out of the 40 seats in Bihar. The coalition had, in 2019, won 39 seats in the state.

Defence stocks are under pressure as trends so far show that the results may miss exit poll estimates. Bharat Dynamics is down 7.35%, Astra Microwave slipped 5% and Zen Tech is trading lower by 4.7%.

The BJP-led NDA is leading in 304 seats, as per the trends shared by News18. The Congress-led INDIA bloc in ahead in 216 seats, whereas others are leading in 23 constituencies.

Former cricketer-turned-politician Yusuf Pathan is leading in West Bengal's Baharampur constituency. He was contesting on the Trinamool Congress (TMC) ticket against senior Congress leader and incumbent MP Adhir Ranjan Chowdhury.

The Chandrababu Naidu-led TDP is expected to win Andhra Pradesh assembly elections with a clear mandate, as the trends show his party leading in 103 out of the 175 seats. Ally BJP is ahead in four seats, and the incumbent ruling YSRCP is ahead in only 19 seats.

The BJP-led NDA has extended its leads to 300 seats, as per the latest trends. The Opposition INDIA bloc is ahead in 220 seats.

Reliance Industries, India's largest company in terms of market cap, is down 2.7% amid the bloodbath on Dalat Street due to the Lok Sabha election results so far missing the exit poll estimates.

Out of the 80 parliamentary seats of Uttar Pradesh, the INDIA bloc is reported to be ahead in 42 constituencies. The BJP-led NDA is leading in 30 seats.

BSE SENSES was down 2.08% or 1,592.74 points at 74,876.04, whereas NSE NIFTY50 was lower 2.1% or 488.30 points. The latter has recovered by 430 points as compared to the day's low.

As of 10 am, a total of 2,573 shares declined, 519 advanced and 102 stocks were unchanged.

All the NIFTY50 stocks are in the red so far, as the results indicate a close contest between the INDIA bloc and the NDA coalition.

Investors have lost over ₹20 lakh crore within the first hour of trading, as all sectoral indices shedded the gains made yesterday. The trends showing a tight contest between the BJP-led NDA and Congress-led INDIA bloc has led to a sharp selloff.

The Congress-AAP alliance is ahead in only one of the 7 seats in Delhi. According to trends, Kanhaiya Kumar, who contested on the Congress ticket against BJP's Manoj Tiwari, is currently ahead.

Prime Minister Narendra Modi is trailing from Varanasi constituency y over 2,000 votes, as per the trends shared by the Election Commission. Congress candidate Ajay Rai is leading from the constituency.

The BSE SENSEX is down 2.89% at 74,255.90 points, whereas NSE NIFTY50 has shedded 2.99% at 22,568.25.

From Hyderabad, one of the IT hubs of India, incumbent MP and All India Majlis-e-Ittehadul Muslimeen MP Asaduddin Owaisi is leading against BJP candidate Madhavi Latha.

Trends are showing that INDIA bloc is bridging the gap, as it takes its leading tally to over 210 seats. At the stock market, the key indices are dropping.

The NIFTY PSU Bank index has shedded 5.5%, with Central Bank of India and Bank of Maharashtra declining 7% each.

Adani Enterprises is down around 8% after the opening bell, whereas Adani Ports has slipped by more than 9%, as per the early trends.

BSE SENSEX has slipped by 2.6% to 74,480.83 points. All the major sectoral indices on the bourse are in the red following the opening bell.

The benchmark indices - BSE SENSEX and NSE NIFTY50 - are down 2%. All major sectoral indices are also in the red.

Stock market has opened lower as compared to the previous day's highs, in the aftermath of the BJP-led NDA missing the exit poll estimates, as per the early trends.

Congress candidate Ajay Rai is leading ahead of Prime Minister Narendra Modi from the Varanasi constituency, as per the trends shared by the Election Commission.

In the crucial state of Andhra Pradesh, the NDA is ahead in 22 out of the 25 seats. Within the NDA, the maximum leads are in the favour of Telegu Desam Party, led by former CM Chandrababu Naidu.

The gap between the BJP-led NDA and Congress-led INDIA bloc is reducing. According to News18, the NDA is ahead in 290 seats, and INDIA on 196. In the first hour of counting, the trends showed the NDA to have crossed 300 seats.

According to the early trends, the INDIA bloc in Gujarat, which comprised of Congress and the AAP in the state, is ahead in four seats.

The INDIA bloc is ahead in 182 seats, as per the trends so far. The BJP-led NDA is ahead in 301 seats. The early trends are not in line with the exit poll estimates of the NDA winning more than 360 seats.

From Bihar, where 40 MPs are elected, the BJP-led NDA is leading in 26 constituencies, as per the early trends. The INDIA bloc is ahead in 9 seats.

The INDIA bloc, which comprises of Congress and Samajwadi Party in Uttar Pradesh, is leading in 24 out of the 80 seats in Uttar Pradesh, as per the trends shared by News18. The state is considered as India's most bellwether province, as the party winning the most seats from UP usually ends up performing the government at the Centre.

The BJP-led NDA has crossed the 300 seats mark, as per the early trends. The Congress-led INDIA bloc is ahead in 171 seats, whereas others are leading in 19 constituencies.

The BJP-led NDA has crossed the halfway majority mark in the early set of trends. The coalition is ahead in 288 seats, whereas, the INDIA bloc is leading in 160 constituencies, as per the trends shared by News18.

As per the early trends based on the counting of postal ballot votes, here's how the tally stands:

The NDA has taken its lead to 230 seats as per the early trends tracked by News18. The Congress-led INDIA bloc is ahead in 123 seats. These trends are based on the counting of postal ballot votes.

Union Home Minister and BJP veteran Amit Shah is leading in Gandhinagar, the seat in Gujarat from he contested. Shah had won the constituency in the last two general elections.

The National Democratic Alliance, led by the BJP, is racing ahead in early trends. The coalition has surged past the 150-mark, as per the trends shared by News18. The Congress-led INDIA bloc is ahead in 62 seats.

Former Congress president Rahul Gandhi is leading from Rae Bareli and Wayanad, the two constituencies from he was in the fray. The Gandhi scion was leading the campaign of the INDIA bloc.

The BJP-led NDA is now leading in 135 seats, as per the trends shared by News18. The Congress-led INDIA bloc is ahead in 52 seats, the trends showed.

The updates shared so far on news channels are in line with the exit polls, which predicted a landslide win for the BJP-led alliance.

As per the early trends, the BJP-led NDA is ahead on 60 seats. The Congress-led INDIA bloc is leading on 25 seats, according to the trends shared by News18. However, these are early trends based on postal ballot votes. The counting of EVM votes will begin shortly.

The NDA coalition is ahead on 39 seats, as per the trends shared by News18. The Congress-led INDIA bloc is trailing with leads in 15 constituencies.

Even before the counting began, the BJP was already ahead by a notch, as the party had won the Surat seat in Gujarat unopposed. There were no candidates in fray against the BJP nominee.

Counting of votes has officially begun at counting centres across the country. The early trends will be based on the postal ballot votes, as the EVM votes are expected to be counted after 8:30 am.

Election Commission will initiate the counting of votes in a few minutes from now. The postal ballot votes will be counted first, and from around 8:30 am onwards, the EVM counting will begin.

All eyes are on the performance of the benchmark indices, which jumped to their highest-ever on Monday. Will yesterday's record be broken today? The answer will be out shortly. Stay tuned here for all the counting day trends and market reactions.

GIFT NIFTY has signalled a likely strong start for the benchmark indices, with the Nifty futures trading 0.38% or 88 points higher at 23,555.

The stock market will remain under watch today as the Election Commission will begin the counting of votes from 8 am onwards. The Dalal Street has drawn more attention following the record rally of benchmark indices a day before the election results.

The counting of votes will begin at 8 am. Candidates, as well as their polling agents, would be present at the counting centres to receive real-time updates from the authorities. The numbers would also be shared with media personnel.

The much-awaited results of the Lok Sabha elections 2024 will emerge today, as the Election Commission of India is scheduled to begin the counting of votes from 8 am onwards. The postal ballots, used to register the mandate of defence personnel and on-duty polling officials, would be counted first, followed by the electronic voting machines (EVMs) which were used to record the mandate of most of the voters.

The rally driven by the exit poll predictions pushed the BSE SENSEX by 3.7% to its highest-ever at 76,738.89 points. The NSE NIFTY50 climbed 3.5% to clock a record high of 23,338.70.

What exit polls had predicted

The Opposition bloc – Indian National Developmental Inclusive Alliance (INDIA) – was predicted to be restricted at 140-160 seats.

World’s largest electoral exercise

The culmination of the Lok Sabha polls on June 1 marked an end to the world’s largest electoral exercise. The voting was held in seven phases, starting from April 19.

Over 8,000 candidates were in the fray from a total of 543 seats. The total number of eligible voters was 96.8 crore, and according to the Election Commission, 64.2 crore among them registered their mandate.

In absolute terms, this was the highest-ever number of voters exercising their right to franchise in an election. “This is a historic moment. This (64.2 crore people casting their votes) is 1.5 times the voters of all G7 countries and 2.5 times the voters of 27 countries in the European Union,” Chief Election Commissioner Rajiv Kumar said on Monday.