Tuesday’s fall reverses the gains the stock indices saw on Monday, when stocks rallied more than 3 percent in response to exit poll results that predicted a single-party majority for the BJP and increased numbers for the NDA.
Head of research at Geojit Financial Services Vinod Nair said: “The unexpected outcome of the general election sparked a wave of fear selling in the domestic market, reversing the recent substantial rally.”
Nair added the provisional results Tuesday would “lead to a major shift in political policy with a focus on social economics”, which, he said, would positively impact the rural economy.
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