Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
A day following the announcement of poll results across four states, the equity benchmark indices surged, marking a record high in early Monday trading.
By 9:40 am, the 30-share BSE Sensex soared by more than 1,000 points, reaching 68,483 in the initial hours of trade. Simultaneously, the Nifty surged by over 300 points, hitting 20,566. The Bharatiya Janata Party (BJP) led by Narendra Modi secured victories in three out of the four states that went to the polls.
The BJP retained power in Madhya Pradesh and seized control of Rajasthan and Chhattisgarh from the Congress. Conversely, the Congress succeeded in flipping Telangana, where it unseated the K Chandrashekar Rao-led Bharat Rashtra Samithi.
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