The Indian stock market witnessed a tumultuous morning on Tuesday as investors reacted sharply to early vote-counting trends from the 2024 Lok Sabha elections. Within the first 20 minutes of trading, approximately Rs 20 lakh crore was wiped off from investors' wealth, highlighting the nervous sentiment prevailing in the market.

The Bombay Stock Exchange (BSE) saw its overall market capitalisation plummet to nearly Rs 406 lakh crore by 9:35 am, a sharp decline from Rs 426 lakh crore at the previous close. The benchmark indices had already shown signs of trouble during the pre-open session. The Sensex fell by 183 points, or 0.24%, to 76,285.78, while the Nifty dropped by 84.40 points, or 0.36%, to 23,179.50.

Early trends suggested that Prime Minister Narendra Modi's Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) was leading in the elections, but the margin of victory remained unclear. This uncertainty has led to a risk-off sentiment among investors, triggering the substantial selloff in the market.

Investors are advised to stay cautious as the election results continue to unfold, with further updates expected throughout the day.

Leading up to the election on June 4, speculations were rife about the potential margin of victory for the BJP-led NDA alliance. However, the initial counting process has surprised many, with the INDIA bloc performing unexpectedly well, nearly matching the NDA in early trends.

Investors have adopted a cautious approach amid the uncertainty, with the Sensex witnessing a drastic opening fall of over 1,600 points today. The downturn has been driven by major stocks, leaving investors reeling from losses amounting to Rs 9 lakh crore within just 15 minutes.

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