Stock markets decline nearly 2% on exit poll predictions, global cues
The Indian rupee closed 54 paise down at 71.33 against the United States dollar.
Indian share markets on Monday lost major ground after exit polls on Friday predicted mixed results for the Bharatiya Janata Party in the Assembly elections held in recent weeks. The markets were also dragged down by global cues, as Asian markets declined over concerns of slowing growth and tensions between the United States and China, reported Reuters.
The BSE Sensex closed 713.53 points, or 2% down, at 34,959.72. The National Stock Exchange Nifty 50 tanked 205.95 points, or 1.9%, to finish at 10,488.45.
Coal India and Maruti Suzuki were the only stocks which gained on the Sensex. On the Nifty, the top gainers were Indian Oil Corporation, Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd, Coal India and Maruti Suzuki.
Kotak Mahindra Bank was the biggest loser on both indices. Other stocks that declined the most on the Sensex were Reliance Industries, Asian Paints, Tata Motors and Adani Ports. The top losers on the Nifty, apart from Kotak Mahindra, were Indiabulls Housing Finance, UltraTech Cement, Reliance Industries and Adani Ports.
The Indian rupee closed 54 paise down at 71.33 against the United States dollar.
The exit polls have predicted a close contest between the Bharatiya Janata Party and Congress in Madhya Pradesh and Chhattisgarh and a win for the Congress in Rajasthan. The results of the Assembly elections will be declared on Tuesday.