The 2024 Lok Sabha Election results caused a massive sell-off in the stock market on Tuesday. The Nifty 50 index suffered its biggest intraday loss in over four years, dropping 1,379 points to close at 21,884. The BSE Sensex fell 4,389 points to end at 72,079, and the Bank Nifty index plunged over 4,000 points to finish at 46,928. Except for the FMCG sector, all indices were in the red. The defence sector was hit especially hard, with major stocks losing up to 20%.
Top Losers in the Defence Sector:
- Bharat Electronics Ltd (BEL):
- Opened at ₹312 on NSE
- Fell to ₹230.05 during trading
- Closed at ₹255.55 on BSE, down 20%
- Hindustan Aeronautics Ltd (HAL):
- Hit lower circuits at ₹4746.35, ₹4482.65, ₹4219, and ₹3955.30
- Ended at ₹4337.30 on BSE, down 18% from ₹5273.70
- Mazagon Dock:
- Opened at ₹3249
- Fell to ₹2605.60 during trading
- Closed at ₹2679.30 on BSE, down 18%
- Bharat Dynamics:
- Fell to an intraday low of ₹1437.05
- Closed at ₹1437.05 on BSE, down 18%
- Cochin Shipyard:
- Opened higher at ₹2018.55 on BSE
- Fell to an intraday low of ₹1811.65
- Closed at ₹1811.70 on BSE, down 10%
These major defence stocks faced severe selling pressure, reflecting investor panic following the election results.
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