Indian stock markets crashed by over 6,000 points on Tuesday after the counting of votes showed Prime Minister Narendra Modi’s BJP-led NDA alliance past the majority mark but not registering a landslide victory as predicted by most exit polls.
Benchmark BSE Sensex dropped as much as 6,234.35 points, or 8.15%, in morning trade to a low of 70,234.43 levels. The NSE Nifty50 plunged by 1,982.45 points, or 8.52%, to hit the session’s low of 21,281.45.
Among the 30-share Sensex constituents, top losers were State Bank of India, Reliance, Larsen & Toubro, Powergrid Corporation, NTPC and HDFC Bank.
Social media is buzzing with memes following the market crash.
A user posted one of the most famous scenes from the movie Hera Pheri to describe the bloodbath in the bourses.
Markets be like: #nifty #smallcap #midcap #marketcrash pic.twitter.com/pl8pTHjtYB
— Dalal Street Memes (@StopLossLagaKe) June 4, 2024
Movie scenes were a popular choice. This one features actor Saurabh Sacheva’s reaction just before a key fight between Ranbir Kapoor and Boony Deol in the film Animal. It was posted with the caption, “Market at 9:15 vs 3:15.”
Market at 9:15 vs 3:15 :#exitpolltrade #exitpoll #nifty pic.twitter.com/2JzvqzQrdw
— Dalal Street Memes (@StopLossLagaKe) June 3, 2024
This user shared Mohammed Rafi’s iconic song Ye Duniya, Yeh Mehfil from the film Heer Ranjha to describe the situation.
Index is up by almost 3%
Meanwhile me who’s Portfolio is down by 1% pic.twitter.com/lx1tGmZmuC
— Kiranjit Das (@KiranjitDas86) June 3, 2024
Remember the viral smiling Zomato delivery guy? He’s back too in the stock market memes.
Currently I am be like “Not owning any PSU & Adani stocks”#marketcrash pic.twitter.com/Op90J8Fx5I
— Darshit Patel (@darshitpatel84) June 4, 2024
Some other memes included:
????#marketcrash #ElectionsResults pic.twitter.com/XfL6DW1mr6
— Finance Memes (@Qid_Memez) June 4, 2024
Me watching my portfolio today: #sharemarket #stockmarket pic.twitter.com/chV1Ql4ojd
— Vivek Gautam (@Imvivek04) June 3, 2024
Accha khasa Friday ko portfolio khali krne wala tha pr kisi ne bola exit poll k baad market aise bhaagega ki upper circuit pe upper circuit marega…kharid hi nhi paayega wapas#400Paar #ElectionsResults #लोकसभा_आमचुनाव_2024 #Sharemarket https://t.co/9UHlxDRSa7 pic.twitter.com/bTAgHOoGuP
— Yash Khandelwal (@yashk1140) June 4, 2024
Investors after looking at portfolio #Sharemarket #Stockmarket #Electionresults pic.twitter.com/16m555Anqv
— Dilip Rangwani (@ItsRDil) June 4, 2024
Five hours after the counting of votes began, the NDA was ahead of the majority mark of 272 but was facing a strong challenge from the opposition INDIA alliance. India’s most populous state Uttar Pradesh, which send the most MPs to Lok Sabha at 80, was the big surprise. Around 11 am, the INDIA bloc — comprising Samajwadi Party and the Congress in the state — holds a slender lead over NDA in an epic neck-and-neck fight. The BJP had swept UP in the 2014 and 2019 Lok Sabha polls.
The big surprise is the heartland state of Uttar Pradesh, which the BJP had swept in 2014 and held most of its ground in 2019. This time most exit polls had predicted an edge for the party. Around 11 am, the INDIA bloc — comprising Samajwadi Party and the Congress in the state — holds a slender lead over NDA in an epic neck and neck fight.
