Sensex and Nifty dropped over two per cent in the early trade even as the opposition grouping INDIA bloc appeared to be giving a tough fight to the BJP-led INIA alliance. All the shares of Gautam Adani-led conglomerate were trading in deep red, with Adani Total Gas shedding over seven per cent.
Coal India, Adani Ports, Adani Enterpraises, NTPC, ONGC, Power Grid, and SBI were among the major losers.
Sun Pharma and Nestle were the only gainers.
"The numbers for National Democratic Alliance (NDA) are subdued and below expectations. So we are witnessing profit booking as investors are nervous. We need to wait one more hour for greater clarity. But we can see profit booking continuing and extending if these trends continue," Kranthi Bathini, director of equity strategy, WealthMills securities, has been quoted as saying, according to Reuters.
"The leads for the NDA is much lower than what the market could be comfortable with. It's very early and markets will remain will volatile depending on how the numbers change every minute, Reuters quoted Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services as saying.
Markets had soared on Monday after exit polls predicted a massive win for the BJP-led NDA in the Lok Sabha polls.
The BSE benchmark went up by 2,507.47 points or 3.39 per cent to settle at a new closing peak of 76,468.78 on Monday, marking its biggest single-day gain in three years. During the day, the barometer jumped 2,777.58 points or 3.75 per cent to hit a record intra-day peak of 76,738.89.
The NSE Nifty climbed 733.20 points or 3.25 per cent to finish at 23,263.90. During the day, it soared 808 points or 3.58 per cent to hit a fresh intra-day all-time high of 23,338.70.
