Modi Effect: 7L Crore Wiped Off Indian Stock Market!

As we had reported last night, Prime Minister Narendra Modi spoke at length about the need to reduce the dependency on petrol and diesel. He called for work from home enforcement to a large degree while also advising the common folk not to buy gold for another year.

Immediately, after this explosive speech from Prime Minister Modi, the stock market took a massive beating.

Several jewellery oriented stocks plummeted badly since the start of the day today. Jewellery stocks like Titan, Kalyan jewellery, and Senco Gold were the biggest losers in terms of market valuation.

But on the other hand, EV companies and electronic manufacturers stocks immediately took an upswing. Several of these companies gained significantly in terms of market share immediately after Modi called for green revolution.

The effects of this speech delivered by Modi in Hyderabad was so very severe that nearly ₹7 lakh crore was wiped off the market since the start of the day today.

The Sensex dropped around 1,313 points to close at 76,015, while the Nifty 50 fell 360 points, ending at 23,816, driven by rising oil prices and geopolitical tensions.