Lok Sabha poll results: Extremely volatile start for stock markets; indices give up Monday's gain

The euphoria over exit polls seems to be waning as the share market had an extremely volatile start. Ahead of the final Lok Sabha poll results today Sensex and Nifty was down by about 3% erasing all the gains that was made on Monday.

In the early trade, Sensex lost a whopping 2,211 points to 74,257 while Nifty lost 698 points to 22,565.

Share market falls

Nifty pharma and healthcare index were trading in green in the early trade. Most of the PSU stocks that extended gains on Monday have had a deep cut. Nifty PSU Bank falls 3.45% to 7,729.90, nifty bank declines 1.36% to 50,288.90. Power stocks also slumped around 9%. Similarly Adani group stocks crashed with Adani total gas, Adani ports down about 8 to 10%.

On Tuesday the stock futures surged amid expectations of Prime Minister Narendra Modi retaining power for the third consecutive term. As per NSE Interntional Exchange data, the Nifty 50 futures rose 0.21% in early trade. The GIFT Nifty futures indicated an upward trend, trading 73 points higher at 23,481 compared to Nifty futures.

In the pre-open too Nifty dropped 100 points while Sensex fell 180 points.

On Monday while the Indian benchmark indices sensex and nifty surged over 3% each, the Volatility Index dropped a whopping 15%.

Also watch: Sensex and Nifty surge over 3% to record highs as exit polls predict major BJP-led NDA victory