Taking to social media platform X (formerly Twitter) veteran investor D Muthukrishnan shared his reaction to the market fall.

What Happened: Replying to a tweet asking for his reaction on the markets today. Muthukrishnan said that the markets are rightly worried as Narendra Modi might not return as Prime Minister. ” Modi may not come. A coalition NDA government. Not what markets wanted.” he wrote.

Markets Today: The Indian stock market witnessed a bloodbath on Tuesday. Major sectors like banking, realty, infrastructure, and oil & gas suffered steep losses, with some plunging over 10%. State-owned companies and banks were hit particularly hard, dropping by 17% and 16% respectively. Nifty FMCG however bucked the trend going up over 1%.

This extreme volatility sent the volatility index soaring to its highest point in over a year. The benchmark Nifty index experienced its worst single-day drop since the start of the COVID-19 pandemic in 2020, falling as much as 8.5% intraday. This crash highlights the jitters investors felt as election results pointed towards an uncertain political landscape.

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