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Lok Sabha Election Results 2024: Union Minister for Civil Aviation Jyotiraditya Scindia secured a victory against Congress candidate Yadvendra Rao Deshraj Singh in the Guna constituency in Madhya Pradesh. This constituency, long associated with the Scindia family, marks another political triumph for Jyotiraditya Scindia.As of 1.30pm, Sindia was ahead of his Congress counterpart by 444640 votes.In the 2019 elections, Scindia, then a Congress candidate, lost to BJP's Krishna Pal Singh by a margin of 10.65%. Despite this setback, the Scindia family has a storied history in Guna, with Jyotiraditya's grandmother, Vijaya Raje Scindia, representing the area as a BJP member from 1989 to 1998.Jyotiraditya's father also held the Guna seat as a Congress member from 1971 to 1980 and later in 1999, before his death in 2001. Following his father's demise, Jyotiraditya Scindia joined Congress and won the by-election in 2002 against BJP’s Desh Singh Yadav. He maintained his hold on the constituency in subsequent elections in 2004, 2009, and 2014, while serving in various ministerial roles, including telecommunications, commerce and industry, and power.The political landscape shifted in 2020 when Jyotiraditya Scindia, along with 22 loyalist MLAs, left Congress for the BJP, causing a change in the state government. Following this move, he was appointed to the Rajya Sabha and became the Union Minister for Civil Aviation, a position once held by his father.In 2018, the Congress briefly gained power in Madhya Pradesh under Kamal Nath, but this lasted only fifteen months. Scindia's defection to BJP played a significant role in the political dynamics of the state, leading to the BJP's control. His recent win in Guna reaffirms his influence and the continued legacy of the Scindia family in the region.Counting for Madhya Pradesh started at 8 am on June 4.

Rs 1.67 lakh crore was wiped off of Reliance Industries Ltd's (RIL) investors as shares of the company tumbled 9.6% on BSE today as poll counting estimates showed that Prime Minister Narendra Modi-led NDA alliance was not likely to score as much as exit polls had predicted in the 2024 Lok Sabha elections.Shares of RIL had made a new all-time high of Rs 3,029 on June 3 when the total market capitalization of the company hit at Rs 20.44 lakh crore. It currently stands at Rs 18.50 lakh crore.As investors chose to adopt a risk-averse stance ahead of the announcement of Lok Sabha election results, Sensex traded over 6,000 points lower on Tuesday while Nifty was down by nearly 2,000 points, dragged down by heavyweights Reliance Industries and financial stocks.From the Sensex pack, Reliance Industries, HDFC Bank, and ICICI Bank alone contributed to a 2012-point decline in the index while L&T, SBI, Axis Bank, NTPC, and Power Grid were other stocks dragging the index downwards.Also read: Adani suffers Rs 3 lakh crore shock as stocks crash up to 20%Gautam Adani's flagship entity Adani Enterprises led the group's downslide with an 8% dip as shares of all 10 Adani Group companies on Tuesday fell amid counting of votes for the Lok Sabha elections.Shares of Adani Total Gas, Ambuja Cements and NDTV also fell around 8% each. Nifty stock Adani Ports also was trading 18% lower as early trends showed the ruling NDA hovering near the majority mark while Congress-led INDIA alliance had crossed the 200-mark.The BSE PSU Index today fell by 18% today while the Nifty Midcap 100 index had fallen by over 7%.While the FMCG and Healthcare indices began the day in green, defying the broader markets, the same had fallen down by 2% and 3.5% respectively by 12:45 pm.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Shares of railway firms tumbled by up to 13% in early trade on Tuesday, June 4, as early election trends did not align with exit polls.Shares of Rail Vikas Nigam tumbled nearly 13% to Rs 351.7, while Ircon International saw a 12% decline. RailTel Corporation of India, IRFC, Texmaco Rail & Engineering, and IRCTC also fell between 6-10%. Meanwhile, Titagarh Rail Systems and Jupiter Wagons fell by 6% and 10%, respectively.As per early data till 11:10 am, the BJP-led NDA was ahead in 289 seats out of 543 seats, while the INDIA alliance was leading in 233 seats, with others leading in 21 seats. This contrasts with earlier exit poll surveys, which, after the 7th phase of elections on Saturday, indicated a likely BJP victory with the NDA securing over 370 seats.Attributing today's steep fall to the current trends, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that if the BJP doesn’t secure a majority on its own, there will be disappointment, which is being reflected in the market.Also Read: D-Street investors lose Rs 21.5 lakh crore as Sensex, Nifty in freefallMeanwhile, as of 11:01 am, the BSE Sensex was trading 3,307 points, or 4.3%, lower at 73,156. The Nifty50 was down 1,061 points, or 4.56%, trading at 22,202. The volatility gauge India VIX also spiked 33.8% to 28 levels.The market capitalization of all listed companies on the BSE declined by Rs 21.5 lakh crore to Rs 404.42 lakh crore.In Tuesday's trade, the Nifty PSU Bank index was the worst hit, crashing over 11% with all stocks in the index seeing double-digit losses. Other PSU stocks like PFC, REC, and BEL fell up to 20%.(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)

Fear index India VIX witnessed its highest single-day gain in 9 years, jumping nearly 44% on intraday basis to the day's high of 30.85. The gains were seen after counting trends showed a strong fight back by the India Alliance though BJP-led NDA still managed to cross the majority mark.India VIX had settled at 20.94 on Monday after the exit polls gave a thumping majority to the NDA government.As the counting is ongoing, these are early trends and do not reflect the final outcome.As investors chose to adopt a risk-averse stance ahead of the announcement of Lok Sabha election results later in the day, Sensex traded 4,100 points lower on Tuesday, dragged by heavyweights Reliance Industries, and financial stocks.Meanwhile, the market capitalisation of all listed companies on BSE declined by Rs 17.61 lakh crore to Rs 408.3 lakh crore.From the Sensex pack, Reliance Industries, HDFC Bank, and ICICI Bank alone contributed to a 1300-point decline in the index, while L&T, SBI, Axis Bank, NTPC, and Power Grid were other stocks dragging the index downwards.India VIX appears to be within striking distance of 30 and may hit the mark in run-up to D-day, Aamar Deo Singh, Senior Vice President-Equity, Commodity & Currency at Angel One had recently told ETMarkets. The sentiments were echoed by two more experts Anand Rathi’s Feroze Azeez Centrum Broking’s Nilesh Jain. Jain expects India VIX to be in the range of 28-30 though it could go back to levels between 10 and 16 once the dust around the outcome settles down. This is the ideal range in which VIX should move in normal times, Jain opined.Is this the worst?Jain's advice to investors is to ride the volatility without being too adventurous. Even if this level is attained, this will not be the worst scenario as historically the highest ever level is 92.5 hit in November 2008 during the economic recession in the US, this analyst said. The next worst level was During Covid when India VIX plunged to 86.6. Meanwhile, Deo of Angel One recommends investors to remain alert and invest light around this time.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Lok Sabha election results 2024: Before the big day on June 4, all speculations were centred upon how big will BJP-led NDA's victory margin be. But as the counting process unfolded, India was in for a shocker of sorts -- in the first two hours, the INDIA bloc didn't trail anywhere as badly as expected, running almost neck-to-neck with the NDA.Stock markets seem to have taken note of the unfolding big event with a sense of foreboding. At 12.15 pm, benchmark index Sensex was trading about 5,500 points down, after opening sharply lower in line with pre-market trends.Meanwhile, today's losses for the Nifty are hovering around 1,500 points. At an astonishing 33%, the India volatility index (VIX) also shot up sharply during the day.With investors likely taking a risk-averse stance, Sensex opened over 1,600 points lower today, dragged by heavyweights, leaving investors licking their wounds after losing Rs 9 lakh crore in just 15 minutes.In a survey run by ET Online a few days before the 2024 Lok Sabha election results, more than 70% of the total participants (numbering over 10,000) had said that a BJP defeat in these elections would be bad for the Indian stock markets. A far smaller number -- less than 14% respondents -- had said that election results won't impact markets. 110690246On June 3, the first day of trading following the exit polls most of which gave the ruling BJP-led NDA a thumping majority in the 2024 elections, Sensex had closed with a sizeable gain of more than 2,500 points, with the so-called Modi stocks driving the day's market rally. Indian markets ended the day at new lifetime highs, driven by investor expectation of sustained growth on a Modi win.Meanwhile, in the first two hours of counting, the trends appear not as certain as the nation and the ruling dispensation were expecting them to be. It has turned out to be seesaw kind of battle today, as INDIA bloc comes up with an unexpected challenge to Modi's might.At the time of writing this, reports are trickling in of many BJP bigwigs trailing their rivals, including some big union ministers in major states like UP that were hitherto being considered as foregone conclusion in the saffron party's favour.

Despite being a stronghold of ruling Bharatiya Janata Party, early trends show that INDIA bloc is currently leading in the biggest state of India. Big names including Prime Minister Narendra Modi, Smriti Irani are seen trailing behind, showed early trends.As of now, INDIA bloc is leading on 15 seats while NDA trails in the state. However, big leaders of INDIA bloc like Rahul Gandhi and others are leading in the state. As of now, Congress leader Rahul Gandhi has a lead of 2,126 votes over BJP's Dinesh Pratap Singh in Rae Bareli LS seat in Uttar Pradesh, said EC.The poll panel in its early trends show that Prime Minister Narendra Modi is trailing behind Congress's Ajay Rai by 6,223 votes in Varanasi Lok Sabha seat in Uttar Pradesh. While close contest is seen between Kishori Lal Sharma and Smriti Irani in Amethi. Sharma leading currently by 3018 votes. Big names trailing behind:Prime Minister Narendra ModiSmriti Irani Maneka GandhiJatin PrasadaKeshav Prasad MauryaDinesh Pratap Singh(More to come)