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What happened in the Indian stock market today?

On 04 June 2024, Indian stocks experienced a significant sell-off, with vote-counting trends deviating drastically from exit poll predictions.

The Nifty 50 dropped 8.5% from its opening to an intraday low of 21,281.45, while the Sensex plummeted 8.2% to 70,234.43. Closing figures showed the Sensex down 5.74% at 72,079.05 and the Nifty 50 down 5.93% at 21,884.50. 

This marked the Nifty’s largest single-day percentage fall in over four years since May 2020. 

Additionally, India’s VIX(Volatility Index India)  surged 24%, highlighting market nervousness. Investors collectively lost approximately ₹31 lakh crore, reducing the BSE-listed firms’ market capitalisation to ₹395 lakh crore.

Impact on the stock market today

Nifty PSU Bank dropped 15.14%, making it the biggest loser among sectoral indices, followed by Nifty Oil & Gas, which fell 11.80%, and Nifty Metal, down 10.63%. Nifty Bank declined 7.95%, while the Financial Services index decreased 7.86%. 

Conversely, Nifty FMCG bucked the trend, closing 0.95% higher.

Information Technology-0.60%
Oil & Gas-11.80%
PSU Banks-15.14%

Today top gainers in share market

CompanyPriceChange (%)
HUL share price2,496.30+5.96%
Nestle share price2,427.75+3.09%
Britannia share price5,325.10+3.04%
Hero Motocorp share price5,310.70+2.91%
TATA Consumer share price1,087.00+1.67%

Today top losers in share market

CompanyPriceChange (%)
Adani Ports share price1,248.95-21.15%
Adani Enterprises share price2,941.25-19.31%
ONGC share price236.30-16.83%
NTPC share price331.25-15.45%
SBI share price775.20-14.40%

Market aftermath: Impact on stocks today

SBI shares plunge 19% amid poll result turmoil

SBI shares plunged 19% on May 4 amid a broad sell-off following early Lok Sabha poll result trends showing NDA losing ground. The stock hit an intraday low of ₹731.95 on NSE, down 19.2% from ₹905.65. 

SBI’s market cap fell over ₹1 lakh crore in a single session, dropping to ₹7.06 lakh crore. Benchmark indices Nifty and Sensex also dropped over 6%. Despite the fall, SBI shares are up 23% year-to-date, with Q4 net profit rising 24% to ₹20,698 crore.

RVNL secures ₹440 crore order, shares fall 19%

Rail Vikas Nigam Ltd (RVNL) secured a ₹440 crore order from South Central Railway for the Aurangabad-Ankai doubling project, including electrification and signalling works, to be completed within 30 months. 

Despite the new contract, RVNL shares dropped 19%. The company also recently received a ₹38 crore order from South East Central Railway. Year-to-date, RVNL shares have surged nearly 114%, with a 234% gain over the past year.

Power stocks tumble: REC down 25%, PFC falls 23% amid election results

Power stocks plunged amid election results on Tuesday. REC lost nearly 25% of its market cap, PFC fell 23%, and Power Grid dropped 14%. Adani Power shares declined 17%. Private power companies also suffered, with the Indian Energy Exchange down nearly 10% and Reliance Power dropping 5%. 

The sell-off occurred as mid-morning trends showed the India Bloc making significant gains, challenging the BJP-led NDA government in key states.

Crude oil futures dip

Crude oil futures declined on Tuesday morning, driven by market concerns over a potential global crude oil supply increase by the year’s end. At 9:12 a.m., August Brent oil futures stood at $77.89, down by 0.60%, while July crude oil futures on WTI were at $73.71, down 0.69%. 

On the Multi Commodity Exchange (MCX), June crude oil futures traded at ₹6156, down 0.40%, and July futures at ₹6179, down 0.21%.


In conclusion, June 4, 2024, witnessed a significant downturn in the Indian stock market, triggered by unexpected deviations in the Lok Sabha election results. The Nifty 50 and Sensex experienced substantial losses, with market nervousness evident through the surge in India VIX. 

SBI, RVNL, and power stocks were among the hardest hit, reflecting the market’s reaction to the evolving political landscape. 

Stay tuned to StockGro for further updates and analysis!

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