The breadth of the market favoured the declines as 738 stocks advanced and 970 declined while 389 remained unchanged on the NSE. On the BSE, 1127 stocks advanced, 1374 declined and 162 remained unchanged.
The euphoria of Modi returning to power was short-lived as the benchmark indices have slipped into the red mainly on account of profit booking.
Lok Sabha Election Results are currently underway with BJP closing in on 300 seats in leads. NDA is leading in 348 seats pan India.
Nifty is down 60 points and is trading at 11,677 mark while the Sensex is down 238 points and is trading at 38,893 mark.
The biggest contributor to the market fall is the FMCG sector which is down 1.5 percent dragged by ITC which shed over 3 percent followed by United Breweries, United Spirits and Tata Global Beverage.
Metal stocks have also turned red with loses from Vedanta, Hindalco Industries, SAIL, Tata Steel and MOIL.
From the IT space, the top losers are Infosys, Tata Consultancy Services, Tech Mahindra and Infibeam.
However, Nifty Infra added close to 2 percent led by Adani Ports, Bharti Infratel, BHEL, Engineers India, GMR Infra, IRB Infra and Larsen & Toubro.
From the media space, Zee Entertainment jumped 5 percent followed by Dish TV, DB Corp and PVR.
India VIX plunged 30.08 percent at 19.32 levels.
The top Nifty gainers included Adani Ports, IndusInd Bank, Zee Entertainment and Bharti Infratel while the top losers are Vedanta, ITC, Eicher Motors, HDFC Bank and Hindalco Industries.
The most active stocks were SBI, IndusInd Bank, Reliance Industries, HDFC Bank and ICICI Bank.
44 stocks have hit new 52-week high on NSE including Adani Ports, ICICI Bank, L&T, UltraTech Cement, Just Dial, SBI, Kotak Mahindra Bank, Axis Bank, HDFC, Titan Company and Bajaj Finance.
186 stocks have hit new 52-week low on BSE including Sterlite Tech, Central Bank of India, Motherson Sumi Systems, Biocon, Natco Pharma, TV Today and Jubilant Lifesciences.
The breadth of the market favoured the declines as 738 stocks advanced and 970 declined while 389 remained unchanged on the NSE. On the BSE, 1127 stocks advanced, 1374 declined and 162 remained unchanged.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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