A Look At The Market's Choppy Ride On Election Counting Day

By Priyanka Roshan, June 4, 2024

On June 4, as the 2024 Lok Sabha elections vote counting began, Indian markets saw a significant midday decline. Here’s a look at the Nifty 50 and BSE Sensex performance on results day over the past four general elections.

2004 Lok Sabha Elections

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2004 Lok Sabha Elections

[{"selector":"#anim-3b10726e-a146-4378-aff2-a56acecab059","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-afba3992-1c93-42a1-9e9e-809622eb0012","keyframes":{"transform":["translate3d(92.98969%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-52be6d1b-02fd-4de2-9207-925faa73dce3","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d639f543-62d2-405f-8d4a-29f9094f6413","keyframes":{"transform":["translate3d(124.23208%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0284329a-a237-4f7e-914b-5301019eb5bc","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-930dcfdf-b4a0-4468-82a9-385e115a6b66","keyframes":{"transform":["translate3d(115.85760%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-82cfc028-99d6-40e9-820b-82ab99d39132","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1fa6eeac-3108-4abc-8513-1169efe338ef","keyframes":{"transform":["translate3d(119.73683%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Market Performance: Sensex fell by 11.1%, and Nifty dropped by 12.2%. (Source: Moneycontrol Research | Image: Canva)

2009 Lok Sabha Elections

[{"selector":"#anim-abebcd45-1490-44d6-993a-2677fb670fd4","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0e9adfdd-126e-4f7b-ae19-19fe19d3cfee","keyframes":{"transform":["translate3d(92.98969%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6028ef73-6acb-44b1-baaf-a36a6db46443","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a14e9ffd-4d95-4800-a787-088418a89cc2","keyframes":{"transform":["translate3d(124.23208%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2a544b53-266f-4231-a41c-bc4a5ca93731","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1dd28170-0e33-4997-b489-173b413a3ba1","keyframes":{"transform":["translate3d(115.85760%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b7e24412-9af5-450a-b3f2-3089a3edd74f","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-25e69ace-9e4b-4896-9351-04b3d2cbad3f","keyframes":{"transform":["translate3d(117.58958%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The markets responded exuberantly to the UPA's unexpected clear majority, which avoided the anticipated political instability and boosted investor confidence. (Source: Moneycontrol Research | Image: Canva)

2009 Lok Sabha Elections

[{"selector":"#anim-8a5dc3c3-bfcc-4bf7-af7b-4931f2436b86","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5cfdbe8f-1049-423a-b2b7-d5f1896ea7bf","keyframes":{"transform":["translate3d(92.98969%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b852e008-a776-45e2-a0b0-aa58c16291d7","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ff307bfb-4a0d-4cb5-a69a-91e2d2e1274c","keyframes":{"transform":["translate3d(124.23208%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1defad2a-3663-4af2-a297-56c33159f29a","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-56390901-c0fa-423c-ac2e-b2a2c28f4c23","keyframes":{"transform":["translate3d(115.85760%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f23f4c62-a316-472a-9109-d37687882d0f","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-37d7f9dd-15cf-44c4-b599-c7bbe740545f","keyframes":{"transform":["translate3d(117.58958%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Market Performance: Sensex surged by 17.3%, and Nifty jumped by 17.7%. (Source: Moneycontrol Research | Image: Canva)

2014 Lok Sabha Elections

[{"selector":"#anim-12e9dc81-ecdd-40e1-8e42-6eda3153130b","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-704b1a81-52be-4d9f-80a8-49bfda598806","keyframes":{"transform":["translate3d(92.98969%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5f46d63b-d5d2-479d-bc6d-7bf3326e9da4","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-92ded157-88d2-4afc-96ea-04ac3544b0b4","keyframes":{"transform":["translate3d(124.23208%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-26aa785f-9d22-46b7-b6a1-4b8a62d12f48","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6741e70d-ed99-456e-961d-3535a42def95","keyframes":{"transform":["translate3d(115.85760%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-494ce2d7-b81f-471a-975c-6609e0408d27","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9fcc4e2c-d787-4db4-a999-8ef81d5022ae","keyframes":{"transform":["translate3d(117.58958%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The markets celebrated the landslide victory of the BJP-led NDA, which was perceived as pro-business and pro-reform, leading to market gains. (Source: Moneycontrol Research | Image: Canva)

2014 Lok Sabha Elections

[{"selector":"#anim-d337ff45-98a8-49ee-8fa9-f3a7b40c019d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-57bf07e6-3521-4fd1-a6b9-29e123e8c37a","keyframes":{"transform":["translate3d(92.98969%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-732dda7a-e52f-4fc5-9518-1be77b75885d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-04839457-500e-4e9a-956c-d11bc310ccac","keyframes":{"transform":["translate3d(124.23208%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6a0d6b5e-44ea-4815-bc0e-4cf73c2ddbca","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-94c3bcff-4f40-4da0-8148-5f5ad7148bdc","keyframes":{"transform":["translate3d(115.85760%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e5668728-145b-4526-85be-cebd6fbeb19e","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c218ceae-7484-469b-a248-1df6e887b71d","keyframes":{"transform":["translate3d(117.58958%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Market Performance: Sensex rose by 0.90%, and Nifty increased by 1.1%. (Source: Moneycontrol Research | Image: Canva)

2019 Lok Sabha Elections

[{"selector":"#anim-7ac4a599-3240-42a0-b6e6-8003107a646b","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-72c712cc-1229-4cd2-98ed-1dfa4109ec69","keyframes":{"transform":["translate3d(92.98969%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c465c21a-f86d-415a-acff-ecf08806d4f4","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d6e72e90-f436-4daa-9c87-164ade9a3035","keyframes":{"transform":["translate3d(121.84302%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-de3b8bdd-567d-46b2-bf50-50e5f5dcfbe0","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-def91361-cb75-4009-b21a-ab1f4f7a4f54","keyframes":{"transform":["translate3d(115.85760%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-373326c5-c273-4928-ab9f-85f586be1bac","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2b80bc58-87f2-489d-ba18-db9633f6467c","keyframes":{"transform":["translate3d(115.96092%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The market fell as the results confirmed BJPs retain to power. Despite that, the Indian stock market had witnessed a strong positive reaction during the initial phase. (Source: Moneycontrol Research | Image: Canva)

2019 Lok Sabha Elections

[{"selector":"#anim-be52a816-649b-4b2d-9a08-9be599aedc08","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f551c00b-0255-423f-bca4-a07912cb96d3","keyframes":{"transform":["translate3d(92.98969%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d4d8bd71-4b45-43ef-85fa-86f35774cedf","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9874cfe3-5a6d-4fea-9265-4e55204f287d","keyframes":{"transform":["translate3d(124.23208%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-524617d6-10c6-4b66-a8e6-9a71478944f3","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2909c779-ebb2-47fe-92c5-e823f819af35","keyframes":{"transform":["translate3d(115.85760%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4e0499c6-678e-4fe3-b55d-7d59febe7837","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1e40f619-dfa9-4425-8f2f-a10f63d8c195","keyframes":{"transform":["translate3d(115.96092%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Market Performance: Sensex fell by over 0.8%, and Nifty dropped by over 0.7%. (Source: Moneycontrol Research | Image: Canva)