Indian markets nosedived on Monday as a result of the exit poll results and weak global cues. Equity benchmarks extended their losses, with the Sensex plunging 600 point slower. The Nifty is testing 10,500.
The Sensex is down 600.31 points or 1.68% at 35072.94, and the Nifty down 190.20 points or 1.78% at 10503.50.
Besides, a rise in global crude oil prices also contributed to pulling the equity market lower during the morning trade session.
The exit polls of the assembly elections in five states are out and a majority of them predict a Congress victory in the two northern states currently ruled by the Bharatiya Janata Party (BJP).
the Congress appears to be certainly ending Chief Minister Vasundhara Raje’s reign in Rajasthan. And if the exit polls are right then the grand old party might pull the Chief Ministerial chair from under Shivraj Singh Chauhan in neighbouring Madhya Pradesh too.
Chhattisgarh might be the only state that the BJP will be able to retain.
Chief Minister K Chandrashekhar Rao is likely to win the first full-fledged election in the state with the Telanagana Rashtra Samiti (TRS) scoring high on all major exit polls.
Mizoram is the only state in the northeast which is not ruled by either the BJP or any of its NDA allies but if the exit polls are an indication, the state might become one.
The election results for five states Rajasthan, Telangana, Madhya Pradesh, Mizoram and Chhattisgarh will be announced on Tuesday.
Meanwhile, selling was visible across all sectors, with metals, infrastructure, automobiles, banks and pharmaceuticals being the top losers. The Nifty Midcap index is down around 2 percent.
Shares of Adani Ports, M&M, and Indiabulls Housing lost the most, while TCS was the sole gainer.
Meanwhile, the Indian rupee slipped in the early trade on Monday. It opened lower by 54 paise at 71.34 per dollar against previous close 70.80.