Bihar Election Results and Global Signals... Indian Market Plunges, These Stocks Under Pressure

Bihar Election Results and Global Signals:  The Indian stock market crashed immediately after opening today due to early trends in the Bihar election results and weak global signals. The Nifty fell 80 points to trade below 25,800, while the Sensex fell 254 points to trade at 84,225. The Bank Nifty also fell by 100 points.

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Of the BSE's top 30 stocks, 13 stocks are trading higher. Asian Paints and Trent saw the biggest gains, while 17 stocks are trading lower. Tata Motors Commercial Vehicles (TMCV) shares fell by more than 3%.

Sectorally, pressure is visible in the IT, FMCG, and auto sectors, while the PSU banks and private banks sectors continue to rise.

Why the decline today?

Due to diminished expectations of a Fed rate cut in December, Asian markets in the US have fallen sharply, which is also being reflected in the Indian stock market today. Additionally, initial trends from the Bihar Assembly election results are beginning to emerge, showing the NDA gaining a majority, but the RJD is also putting up a strong fight. Consequently, the stock market is closely monitoring this situation.

Significant declines in these stocks

Sonata Software is trading down 5%. Tilaknagar Industries shares have also fallen 5%. LG Electronics shares have fallen 2.5%. ITI shares have also fallen 2%.

These stocks saw strong gains

At 9:50 am, the BSE Smallcap Index rose 43 points, while the Midcap Index gained 100 points. Shares of Muthoot Finance surged over 9 percent, while Jubilant Foodworks gained 8 percent. Shares of BDL surged over 5 percent.

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Summary

Among smallcap stocks, shares of Expleo Solutions Ltd. rose 16 percent, Man Industries (India) 14 percent, and Transformers and Rectifiers (India) Ltd. touched the upper circuit of 10 percent.