Memes Take Over As Lok Sabha Election Results 2024 Shake Stock Market

The counting of votes for Lok Sabha Elections 2024 is underway. As per the trends, the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) is leading in more than 290 seats. Whereas, the INDIA bloc, defying exit poll predictions, has gained is ahead in 227. After the results started pouring in, the stock markets went on a slide. Benchmark indices Sensex and Nifty plunged more than 8% each. Erasing most of the Monday’s gains, almost all sectoral indices were trading in the red. While 30-share Sensex dropped as much as 8.15% to an intraday low of 70,234.43, the Nifty50 plunged 8.52% to a low of 21281.45 levels. The market crash triggered a meme fest on social media.

A user shared a picture of a man with folded hands to explain the current state of mind of all the investors out there.

Yes, a Taarak Mehta Ka Ooltah Chashmah meme made its way to social media.

This “Vasooli bhai” meme will make you ROFL. The character was played by Mukesh Tiwari in the Golmaal series.

Exit poll day vs result day video is among the best on social media.

“Bhai yeh kya ho raha hai [What’s happening bro]” was the sentiment.

Wondering how investors who sold their stocks before the big fall are feeling right now? Watch this video.

Overall the benchmark indices lost more than 5 percent on the counting day of the Lok Sabha elections. Nifty experienced its most significant intraday decline since February 2022, leading to a loss of over Rs 18 lakh crore in investor wealth.

The marker crash wiped off Rs 21.5 lakh crore investor wealth and the market capitalization of all listed companies on BSE decreased by Rs 21.5 lakh crore.

Almost all sectors were in the red. Bank stocks fell 7.8%, realty dropped 9.1%, infrastructure declined 10.5%, while oil and gas stocks lost 11.7% and state-run companies and banks were down 17% and 16%. Only FMCG and healthcare stocks defied the market downturn and gained up to 4%.