Markets turn down after touching record highs on BJP show.
The BSE Sensex erased early gains to end 299 points lower on Thursday as investors booked after stocks raised high after BHO’s strong performance in Lok Sabha Elections.
In the day, the Sensex hit the 40,000 marks while the Nifty crossed the 12,000-level for the first time.
The Sensex tumbled 298.82 points, or 0.76 percent, to close at 38,811.39. Similarly, the NSE Nifty settled 80.85 points, or 0.69 percent, lower at 11,657.05.
IndusInd Bank was the highest gainer in the Sensex, rallying 5.23 percent, followed by Hero MotoCorp, Coal India, Yes Bank, ICICI Bank, HCL Tech, L&T, Kotak Bank and Bharti Airtel, rising to 1.56 percent.
On the other hand, ITC, Tata Motors, HDFC twins, Bajaj Finance, Sun Pharma, Tata Steel, TCS, ONGC, and Infosys lost up to 5.53 percent.
Riding on a Modi wave sweeping through most parts of India, the BJP was set to return to power on Thursday as it led in 298 seats while the Congress trailed far behind with 52 seats, according to trends released by the Election Commission for all 542 places that went to polls.
According to traders, from other global markets and a depreciating rupee also weighed on investor sentiment.
The rupee depreciated up to 37 paise to 70.04 against the US dollar in afternoon trade.