Mumbai: Latest trends are showing that Prime Minister Narendra Modi’s party might not secure the landslide majority anticipated by opinion polls.

The Nifty 50 index plunged 6.30%, landing at 21,797 points, while the BSE Sensex dropped 6.09% to 71,810 points, marking a sharp reversal from their record highs reached just a day earlier. The market downturn was triggered by heavy selling, as traders awaited clearer insights into the number of seats the National Democratic Alliance (NDA) would ultimately secure.

Adding to the financial jitters, the Indian rupee weakened by 0.44%, slipping to 83.51 against the dollar from its previous close of 83.1425.

The election, which spanned six weeks and saw 642 million people vote in seven stages, had initially buoyed market optimism. Opinion polls conducted over the weekend had predicted a decisive victory for Modi’s alliance, driving stock indices to their peak on Monday.

Some stock market enthusiasts rejoice as shares that seemed unattainable are now gaining popularity. Lisa Benny, a market researcher and active trader, said, “I was looking forward to purchasing an MRF share for the longest period of time. I opened to check the share market and quickly nabbed a share as the rates dropped per share.”

Prime Minister Modi, who has been at the helm for a decade, expressed confidence that the record voter turnout would favour his re-election. However, Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP)-led coalition is leading as India counts votes. However, trends so far suggest that the BJP might fall short of a majority on its own as a united opposition led by the Indian National Congress makes gains.