Market Close: After Modi Sarkar 2 euphoria, markets cool off

Market ended a very busy day in negative territory on Thursday. Swaying up and down as election results trends showed a clear majority for the Narendra Modi-led NDA alliance, the indices breached the psychological levels of 40,000 and 12,000 on Sensex and Nifty, respectively, but closed in red.

On Thursday, the day of culmination of General Election 2019, Indian benchmark indices shot up to all-time highs. The BSE Sensex opened gap up at 39,591.77 points against Wednesday's close of 39,110.21. The excitement around a second term for popular Prime Minister Narendra Modi lead to a rally pushing the index to an all-time high of 40,124.96. However, the highs were not sustained and the market slowly lost momentum and entered negative territory to close at 38,811.39, down by 298.82 points or 0.76 per cent. The Nifty50 index followed a similar path and closed at 11,657.05, down by 80.85 points or 0.69 per cent.

While Nifty Bank showed huge volatility traversing 1,412.65 points during the day. Bank Nifty closed at 30,409.10, down by 117.70 points or 0.39 per cent, which is 1,295.90 points down from its intraday high, also registering the biggest single day fall.

Dragging the market were HDFC Bank contributing negative 149 points to the BSE Sensex, followed by ITC pulling the index down by 92.58 points and TCS, Infy contributing close to negative 30 points and HDFC contributing negative 22 points.

Meanwhile on the political front, it is now confirm that BJP will return to power with NDA winning close to 324 seats, UPA will ended with 87 seats.

Here are the trends and results for Election 2019 as per latest data available with the Election Commission.

Thanking the voters for their support, Prime Minister Modi tweeted, "Together we grow. Together we prosper. Together we will build a strong and inclusive. #VijayiBharat"