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Sunday, November 10, 2024

“Uncertain Election Outcome Leads to Sharp Drops in Major Stocks, FMCG Sector Thrives”

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Some big companies like SBI, NTPC, and Power Grid lost a lot of money in the stock market. But HUL, a consumer goods company, saw its stock price go up by about 3%.

Important and big companies like Reliance Industries, HDFC Bank, SBI, ICICI Bank, and L&T caused the main stock market index to fall a lot around noon.

Private sector companies like Larsen & Toubro, RIL, ICICI Bank, and HDFC Bank saw their stock prices drop a lot on Tuesday.

India VIX, which measures how much the stock market is going up and down, reached its highest level in 9 years.

Many government-owned companies hit their lowest allowed stock prices because people are unsure about how many seats the BJP political party will win.

An investment expert said that the big fall in the stock market is because the election results so far are not as good as what the exit polls suggested. If the BJP doesn’t win a majority on its own, the market will be disappointed. The expert also said that the BJP might focus more on welfare than on making big changes, which is why consumer goods company stocks are doing well.

Unlike most other stocks, shares of consumer goods companies like Dabur India, Colgate-Palmolive (India), Marico, Hindustan Unilever (HUL), Emami, and Britannia Industries went up by 2% to 5% on Tuesday because people think they will do well in the future.

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