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NRIPage | Articles | Stock Markets Fall Sharply Despite RBI Rate Cut and BJP Victory in Delhi Elections | Get Do it Yourself DIY Articles. Create, Build, and Innovate at Home around the world - NRI Page
Indian stock markets experienced a significant fall in early trade on Monday, even though the Reserve Bank of India (RBI) announced a rate cut and the Bharatiya Janata Party (BJP) emerged victorious in the Delhi Assembly elections. The benchmark indices opened lower and continued to decline amid growing selling pressure. The BSE Sensex lost over 600 points, while the NSE Nifty dropped nearly 200 points.
The Sensex hit a low of 77,189.04, down from the previous session's close of 77,860.19. Market experts cited multiple factors contributing to the sharp selloff, including continued foreign portfolio investor (FPI) selling. Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, stated that despite the RBI's rate cut and the recent budget announcements, foreign investors were not being enticed to buy and continued to sell their holdings. Bathini also pointed out that the lack of strong earnings growth in the medium to short term was putting pressure on the market.
Another significant factor contributing to the market's decline was the rupee’s sharp fall, hitting an all-time low of 87.95 against the U.S. dollar, breaching its previous low of 87.58. Analysts have raised concerns about the weakening rupee, especially as it could lead to higher import costs, particularly for crude oil, and affect investor sentiment. The RBI is expected to step in to stabilize the currency if the trend continues.
Metal stocks were among the hardest hit in the early trading session, following the announcement by U.S. President Donald Trump regarding new tariffs on steel and aluminum imports. Trump’s decision to impose a 25% tariff on all steel and aluminum imports caused a sharp selloff in Indian metal stocks. The Nifty Metal index dropped by 2.94%, with companies like Vedanta Limited, Steel Authority of India (SAIL), Tata Steel, and JSW Steel seeing significant declines. The news raised fears of reduced demand and pricing pressure for Indian metal producers.
Despite the BJP's victory in the Delhi elections, which was expected to bring stability to the market, global factors and foreign investor activity overshadowed the positive political news. The BJP secured 48 out of 70 seats, ending a 27-year gap in its rule in Delhi. Market experts, such as those from Motilal Oswal Financial Services (MOFSL), noted that while the BJP's win should provide confidence in political stability, market focus will likely shift back to corporate earnings, global economic trends, and ongoing concerns about U.S. trade policies. The uncertainty over these global factors and foreign investor sentiment may continue to weigh on the market in the coming days.
