The Sensex opened 270.85 points higher at 72,349.90, while the Nifty gained 156.30 points, starting the day at 22,040.80. Among the Nifty companies, 40 showed advances, and 10 recorded declines.
Foreign portfolio investors (FPIs) have heavily sold stocks off their portfolio in India on Tuesday, as the broader market witnessed a bloodbath, tracking initial trends in Lok Sabha results.
Indian stock indices witnessed a bloodbath on the day the Lok Sabha results are being announced, where incumbent BJP performed below par and seems it may fall short of exit poll predictions and the majority mark.
At the opening bell, the Sensex plunged by 1,135.48 points to 75,333.30, while the Nifty dropped by 408.35 points to open at 22,855.55. Among the Nifty companies, only 6 were advancing, and 44 were declining, reflecting widespread caution among investors.
Indian benchmark indices closed at record highs on Monday, driven by fresh buying from investors after exit polls indicated a comfortable majority for the NDA government.
Ajay Bagga, banking and market expert, commented on the market performance, stating, "Monday is witnessing a gap-up opening, but we anticipate further upside on Tuesday as actual trends become clearer."
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