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PremiumElection Results 2024 Sensex Crash Live Updates: The indexes saw their worst fall since March 2020, and erased all of Monday's gains after exit polls projected that the BJP-led alliance will likely get a two-thirds majority in the lower house.
TV channels showed the ruling National Democratic Alliance was ahead in nearly 300 seats. 272 seats is the minimum needed for a simple majority in the 543-member lower house of parliament.
The volatility index jumped to its highest since March 2022 at 29.79, after easing on Monday.
"Since exit polls were at an extreme, anything that doesn't point to more strength is obviously a negative," said Anand James, chief market strategist at Geojit Financial.
"Despite exit polls giving a resounding victory for the ruling party, markets volatility gauge did not go down below 20, as it was pricing in an outlier," James added.
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 retreated 17% and 16%, respectively.
Adani Enterprises and Adani Ports were top losers in Nifty 50 index, falling 19%, each. Other Adani group stocks were down between 9-19%. The group stocks had jumped between 4%-18% on Monday after the exit polls.
"The fear of the market is whether present numbers will stay or will reduce further. (Even at current majority) there will be some element of disappointment as they are below market expectations," said Mayuresh Joshi, head- equity research India at William O’Neil and Company.
"Markets were at an all-time high, a lot of hope was built up (on BJP's majority) and these will unwind over the next few sessions and the focus will turn to policy announcements as the reforms will any way continue with BJP getting an absolute mandate," Joshi said.
Asian share markets retreated on Tuesday as global investors awaited India's official election results and considered the prospect that the U.S. economy's 'exceptionalism' is starting to unwind as manufacturing activity there further weakened.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4%, after U.S. stocks ended the previous session with mild gains. The index is up 2.1% so far this month.
Australian shares were down 0.15%, while Japan's Nikkei stock index slid 0.11%.
Hong Kong's Hang Seng Index was up 0.33% and China's CSI300 Index up 0.23% after initially opening in negative territory.
In early European trades, the pan-region Euro Stoxx 50 futures slipped 0.1% to 5,007, German DAX futures were down 0.21% at 18,615 and FTSE futures were down 0.09% at 8,265.5.
U.S. stock futures, the S&P 500 e-minis, were up 0.01% at 5,297.8.
The strength of the U.S. labour market will be closely watched in the new few days with the Job Openings and Labor Turnover Survey (JOLTS) due to be published later on Tuesday. Non-farm payroll figures for May are out on Friday.
"We're expecting a slight easing in demand for labour in the U.S. market," said Raisah Rasid, JPMorgan Asset Management's global market strategist.
"What does that mean for the Fed? I think all data points to one interest rate cut later in the year, potentially in December. If the data moves in a different direction than expected that cut could be moved forward to September."
In Hong Kong, the city's Hang Seng Mainland Property Index rose 2.5% following a Citigroup research note upgrading the target prices for 23 Chinese property companies it covers.
"We are starting to see more green shoots in China, especially after the measures and stimulus that has been revealed for the property sector," said David Chao, Invesco Asia Pacific's global market strategist.
"More measures are expected. That is helping to develop a risk on environment in Asia, emerging market Asia and equities over bonds. I think there is still some more to go in the recent market rally that we have seen."
The yield on benchmark 10-year Treasury notes reached 4.4099% compared with its U.S. close of 4.402% on Monday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 4.8245% compared with a U.S. close of 4.818%.
On Monday, U.S. Treasury yields fell to the lowest point in two weeks, after the country's manufacturing activity slipped for the second consecutive month in May.
The two-year yield was 6 basis points lower while the 10-year yield was down 11 basis points.
U.S. crude dipped 0.88% to $73.57 a barrel. Brent crude fell to $77.77 per barrel. Both benchmarks slid to four-month lows on Monday after the Organization of the Petroleum Exporting Countries and allies, together known as OPEC , agreed to start unwinding some production cuts from October.
Election Results 2024 Sensex Crash Live Updates : Trends after multiple rounds of vote counting for the 2024 Lok Sabha election showed the BJP-led NDA leading in 290 seats, while the Congress-led INDI Alliance was ahead in 230 seats.
With the trends showing a narrowing margin between the NDA and INDI Alliance, the markets crashed drastically on Tuesday, even as counting continued.
Sensex, which had opened lower at 76,285.78, fell drastically to touch a low of 70,234.43 during intraday trades as counting trends showed the gap between the NDA and INDI Alliance narrowing from the 2019 elections. At close, Sensex was at 72,079.05, down 4,389.73 points, or 5.74%.
Similarly, the Nifty 50, which had opened lower at 23,179.50, touched a low of 21,281.45 during the day. At close, the Nifty 50 was at 21,884.50, down 1,379.40 points, or 5.93%.
Only six stocks, Hindustan Unilever, Nestle India, TCS, HCLTech, Asian Paints, and Sun Pharma, out of the 30 on the BSE Sensex closed in the red, while NTPC, SBI, Larsen & Toubro, Power Grid Corp., and Tata Steel, were the top drags for the day.
Meanwhile, on the Nifty 50, 13 stocks out of the 50 on the Nifty 50 closed in the green. Hindustan Unilever, Britannia Industries, Nestle India, Hero MotoCorp, Tata Consumer Products, were the top gainers, while Adani Ports, Adani Enterprises, ONGC, NTPC, and Coal India were the top drags.
The broader market also ended deep in the red, with the BSE SmallCap closing down 6.79% and the BSE MidCap down 8.07%.
Apart from that, barring the FMCG index, which was up 0.95%, all other sectoral indices closed deep in the red. The PSU Bank index was down more than 15%, while the Oil & Gas index was down 11.80%, followed by the Metal and Realty indices. The Bank and Financial Services indices also lost heavily.
Election Results 2024 Sensex Crash Live Updates : Apart from the FMCG index, which was up 1.21%, all the other sectoral indices were deep in the red. The PSU Bank index was down more than 15%, while the Oil & Gas index was down 11.63%, followed by the Metal and Realty indices.
Election Results 2024 Sensex Crash Live Updates : The broader market was in the red, with the BSE SmallCap down 6.56% and the BSE MidCap down 7.88%.
Election Results 2024 Sensex Crash Live Updates : Only seven stocks, Hindustan Unilever, Nestle India, Britannia Industries, Hero MotoCorp, Tata Consumer Products, Cipla, and Divi's laboratories, out of the 50 on the Nifty 50 were trading in the green, while
Election Results 2024 Sensex Crash Live Updates : Only two stocks, Hindustan Unilever and Nestle India, out of the 30 on the BSE Sensex were trading in the red, while NTPC, SBI, Larsen & Toubro, Power Grid Corp., and Tata Steel, were the top drags.
Election Results 2024 Sensex Crash Live Updates : With early trends showing a narrower gap between the constituencies where the BJP-led NDA and the Congress-led INDI Alliance are leading, Indian benchmark indices extended their losses to fall further on Tuesday.
At 3 pm, Sensex was down 4,531.36 points, or 5.93%, at 71,937.42 and Nifty was down 1,451.10 points, or 6.24%, at 21,812.80.
Election Results 2024 Sensex Crash Live Updates : In the latest Lok Sabha election, India’s urban centres, often seen as the drivers of political discourse, have shown a significant shift in voting patterns. The Bharatiya Janata Party (BJP), led by Narendra Modi, has seen its vote share rise to 44.4% in 30 key constituencies across six metro cities. This is a substantial increase from the 39% in 2019 and 32% in 2014.
The Congress party has also seen an uptick in these constituencies, with its vote share rising from 17.8% in the previous national election to nearly 21%. This is a recovery from a decline that saw its vote share drop from 26% in 2009 to 15% in 2014. These figures indicate a dynamic political landscape in India’s urban areas. (Read the full story here.)
Election Results 2024 Sensex Crash Live Updates : In a historical context, the Indian benchmark indices have only twice reported negative returns on Lok Sabha election result days out of the last six. The Nifty, which plunged over 8 percent in today’s intraday trading, also experienced a dip on the previous election result day, May 23, 2019, with a decline of 0.7 percent. Contrastingly, the markets recorded positive returns on all election result days prior to 1999.
Today’s trading session witnessed a significant reversal in the Indian markets, erasing Monday’s gains. This shift occurred as the Lok Sabha election results deviated from the positive predictions of exit polls. The unforeseen development triggered a wave of panic among investors, resulting in a frantic selloff that erased approximately ₹26 lakh crore in wealth during intraday trading. (Read the full story here.)
Election Results 2024 Sensex Crash Live Updates : The BJP-led NDA was leading in 285 seats, while the INDI Alliance was leading in 235 seats.
Election Results 2024 Sensex Crash Live Updates : With early trends showing a narrower gap between the constituencies where the BJP-led NDA and the Congress-led INDI Alliance are leading, Indian benchmark indices extended their losses to fall further on Tuesday.
At 2 pm, Sensex was down 3,483.26 points, or 4.56%, at 72,985.26 and Nifty was down 1,074.25 points, or 4.62%, at 22,189.65.
Election Results 2024 Sensex Crash Live Updates : On Tuesday, June 4, the Indian stock market experienced a significant downturn, leading to a substantial loss for investors. The wealth of investors decreased by an estimated ₹38 lakh crore in intraday trade. The total market capitalisation of companies listed on the BSE fell sharply to around ₹388 lakh crore at 12:15 pm, a significant drop from the previous session’s close of nearly ₹426 lakh crore.
This drastic selloff in the market was triggered by early indications suggesting a closer election result than what exit polls had forecasted.
Key market indices also took a hit, with the Sensex and the Nifty 50 both dropping over 8 per cent each. The BSE Midcap index plunged 10 per cent, while the BSE Smallcap index recorded a loss of over 8 per cent during intraday trading on Tuesday. (Read the full story here.)
Election Results 2024 Sensex Crash Live Updates : By noon, the BJP-led NDA was leading in 292 seats, while the opposition Congress-led INDI Alliance was leading in 229 seats.
Election Results 2024 Sensex Crash Live Updates : In response to the early voting trends of the Lok Sabha election results 2024, the Indian government bond yields experienced a significant increase on Tuesday. The benchmark 10-year bond yield rose to 7.0130%, marking its largest surge in eight months, from its previous close of 6.9438%. Earlier in the day, it reached a nearly two-week high of 7.0375%, recording its most substantial single-session climb since October 6.
Simultaneously, the Indian rupee depreciated, falling from 83.14 to 83.35 against the US dollar. It also hit an intraday low of 83.4375 in early trading. These market movements reflect the current political climate, with the Lok Sabha election results not meeting market expectations. (Read the full story here.)
Election Results 2024 Sensex Crash Live Updates : Deven Choksey of DRChoksey Finserv said, "I think, market is reacting with just 2 rounds of counting done... Also due to physical counting under VVPAT, the process is slower this time around. Most channels (except Times Now and NW18 ) are impulsive in reporting numbers and setting the narratives but without factoring into account the number of rounds for which the counting took place. I feel, the market will once again get steady and same high beta stocks will be bought."
Election Results 2024 Sensex Crash Live Updates : Across sectors, the PSU Bank index had shed more than 17%, followed by the Oil & Gas, Metal, Realty, Financial Services and Bank indices, which were down more than 8%.
Election Results 2024 Sensex Crash Live Updates : The broader market was deep in the red, with the BSE SmallCap shedding 7.36% and the BSE MidCap crashing 9.32%.
Election Results 2024 Sensex Crash Live Updates : Only five stocks, Hindustan Unilever, Britannia Industries, Nestle India, Cipla, and Sun Pharma, out of the 50 stocks on the Nifty 50, were trading in the green, while Adani Ports & SEZ, Adani Enterprises, ONGC, Power Grid Corp., and Coal India, were the top losers.
Election Results 2024 Sensex Crash Live Updates : Only three stocks, Hindustan Unilever, Nestle India and Sun Pharma, out of the 30 on the BSE Sensex were trading in the green, while NTPC, SBI, Power Grid Corp., Larsen & Toubro, IndusInd Bank, were the top losers.
Election Results 2024 Share Market Impact Live : With early trends showing a narrower gap between the constituencies where the BJP-led NDA and the Congress-led INDI Alliance are leading, Indian benchmark indices extended their losses to fall further on Tuesday.
At 12 pm, Sensex was down 4,252.50 points, or 5.56%, at 72,216.28 and Nifty was down 1,319.35 points, or 5.67%, at 21,944.55.
Election Results 2024 Sensex Crash Live Updates : Andrew Holland , CEO of Avendus Capital Public Markets Alternate Strategies, said the market confidence post the exit poll was also premised on these polls having been more or less accurate forecasts in the past two decades, save in 2004 , for the Lok Sabha polls . "This confidence had been shaken in the first half of Tuesday . We will wait and see what happens in the second half," Holland said.
Election Results 2024 Sensex Crash Live Updates : Philogen and Sun Pharma today announced the submission of a Marketing Authorization Application to the European Medicines Agency (EMA) for the approval of Nidlegy, an investigational treatment for neoadjuvant (that is, prior to surgery) locally advanced fully resectable melanoma.
If approved, Nidlegy would become the first immunocytokine product to gain marketing authorization, the company said in an exchange filing.
Nidlegy is given intralesionally for 4 weeks and acts by boosting the immune system against neoplastic lesions, the company added.
Election Results 2024 Share Market Impact Live : Reliance Industries today announced that it has signed a sub lease deal for a 3,750 acre land parcel with Navi Mumbai IIA, for a consideration of ₹13,400 crore, to develop an integrated industrial hub.
The company said, "RIL’s wholly owned subsidiaries have completed the registration of sub-lease deeds for about 3,750 acres of land along with the associated development rights for a period of 43 years for an aggregate consideration of Rs. 13,400 crore from Navi Mumbai IIA Private Limited, in which CIDCO holds 26%. The sub-leased land has to be used for development of an integrated industrial area in terms of Maharashtra Industrial Policy, 2013".
Election Results 2024 Share Market Impact Live : Early trends show NDA crossing the majority and halfway mark, while the INDI Alliance is seen improving its tally of seats.
Election Results 2024 Share Market Impact Live : With early trends showing a narrower gap between the constituencies where the BJP-led NDA and the Congress-led INDI Alliance are leading, Indian benchmark indices extended their losses to fall further on Tuesday.
At 11 am, Sensex was down 3,203.82 points, or 4.19%, at 73,264.96 and Nifty was down 973.70 points, or 4.19%, at 22,290.20.
Election Results 2024 Share Market Impact Live : EaseMyTrip today announced the roll out of its 16th Anniversary Sale, featuring significant discounts on a comprehensive array of travel services.
Running from 4 June to 11 June, the sale offers discounts on flights, hotels, bus tickets, cab rentals, and holiday packages, the company said in an exchange filing.
Customers can expect discounts of:
Up to ₹7,500 off on flights
Up to ₹10,000 off on hotels
Up to 15% off on busses
Up to 12% off on cabs
Instant cashback up to 10% on trains
Travel international under ₹60,990 on holidays
Election Results 2024 Share Market Impact Live : Mphasis today announced a strategic partnership with quantum software company Classiq to demonstrate and commercialize industry solutions powered by Quantum.
The partnership aims to accelerate the adoption of quantum solutions for enterprises by integrating them into its operations, the company said in an exchange filing.
Classiq leads in quantum computing software and has developed a platform for faster and more efficient quantum algorithm design. Mphasis will focus on building industry solutions in sectors such as BFSI, Lifesciences, Healthcare, Supply Chain & Logistics, Chemistry, utilizing these advanced algorithms.
By leveraging Classiq's quantum platform, Mphasis will develop industry-specific intellectual properties (IPs) and will also jointly market and implement customer IPs, execute customer projects, and provide support for the commercialization of Classiq's platform and IPs, the company added.
Election Results 2024 Share Market Impact Live : Bharti Airtel today announced several special packs for customers with a view to capitalize on the T20 Cricket World Cup.
Airtel is offering a three-month subscription to Disney + Hotstar, the official streaming partner of the T20 World Cup across its prepaid, postpaid, International roaming, home broadband and Airtel Digital TV users.
Prepaid plans for the T20 Cricket Tournament start at ₹499 and come loaded with daily access to high-speed 3GB data for 28 days, along with a three-month subscription to Disney + Hotstar, the company said in an exchange filing.
There is also an 84-day plan for ₹839 on offer that provides similar benefits with 2GB of data per day. An annual plan of ₹3,359 has a bundled one-year subscription to Disney + Hotstar, along with access to OTT platforms on the Xstream app and 2.5 GB of data per day, the company added.
Postpaid plans also comes bundled with a one-year Disney + Hotstar subscription along with access to over 20 OTT platforms on Xstream App, with Unlimited 5G data and family add-on benefits.
Home customers plans at ₹999, ₹1498 and ₹3999 are provided with a wide range of speed options. In addition to this, the plans also include unlimited Disney + Hotstar subscriptions and other benefits.
Election Results 2024 Share Market Impact Live : Edelweiss Financial Services today announced that its subsidiaries have received tax demand notices totaling ₹72.29 crore after a search conducted by the Income Tax department.
ECL Finance: ₹16.74 crore for AY2017-18
ECL Finance: ₹15.53 crore for AY2019-20
ECL Finance: ₹0.82 crore for AY2020-21
ECL Finance: ₹3.10 crore for AY2023-24
Nido Home Finance: ₹26.65 crore for AY 2020-21
Edelweiss Rural & Corporate Services: ₹7.98 crore for AY 2017-18
Edelweiss Retail Finance: ₹1.47 crore for AY2021-22
Election Results 2024 Share Market Impact Live : Indian benchmark indices were deep in the red on Tuesday, as investors booked profit, as the gab between leading constituencies of the BJP-led NDA and the Congress-led INDI Alliance narrowed in early trends.
At 10 am, Sensex had shed 1,678.12 points, or 2.19%, to trade at 74,790.66 and Nifty was down 530.05 points, or 2.28%, at 22,733.85.
Election Results 2024 Share Market Impact Live : Election race gets tighter than what exit polls predicted as the gap in leading constituencies between the NDA and INDI Alliance narrows.
Election Results 2024 Share Market Impact Live : All the sectoral indices were in the red, as investors booked profit, following Monday's record rally.
For instance, top sectoral gainers from Monday, the PSU Bank and Oil & Gas indices, were the top losers in early trades on Tuesday.
Election Results 2024 Share Market Impact Live : The broader market was deep in the red, with the BSE SmallCap down 3.81% and the BSE SmallCap shedding 3.71%.
Election Results 2024 Share Market Impact Live : Only one stock, Sun Pharma, out of the 50 on the Nifty 50 was tradin in the green. Adani Enterprise, Adani Ports & SEZ, Coal India, NTPC, and SBI were the top drags.
Election Results 2024 Share Market Impact Live : Only three stocks, Sun Pharma, Nestle India, and Hindustan Unilever, out of the 30 stocks on the BSE Sensex were trading in the red, while NTPC, SBI, Power Grid Corp., Larsen & Toubro, and HDFC Bank, were the top drags.
Election Results 2024 Share Market Impact Live : Indian benchmark indices opened in the red on Tuesday, amid vote counting for the 2024 Lok Sabha elections showing NDA in the lead.
At opening bell, Sensex had shed 1m708.54 points, or 2.23%, at 74,760.24 and Nifty was down 488.55 points, or 2.1%, at 22,775.35.
Election Results 2024 Share Market Impact Live : Indian benchmark indices were red at pre-open on Tuesday, amid vote counting for the 2024 Lok Sabha elections showing NDA in the lead.
Sensex was down 183 points, or 0.24%, at 76,285.78 and Nifty was down 84.40 points, or 0.36%, at 23,179.50 during pre-open.
Election Results 2024 Share Market Impact Live : Early vote counting numbers for the 2024 Lok Sabha elections showed NDA leading in 109 constituencies, while the INDI Alliance was leading in 79 seats.
Election Results 2024 Share Market Impact Live : M&M Finance, Dr Reddy's, Welspun, Biocon, JP Associates, Zee, are a few stocks likely to be in focus on Tuesday, 4 June.
Election Results 2024 Share Market Impact Live : As the 2024 Lok Sabha election results are set to be announced today, the Indian stock market indices, Sensex and Nifty 50, are poised for a robust opening. The Gift Nifty, trading around the 23,570 level, indicates a promising start for the Indian benchmark index, showing a premium of nearly 160 points from the Nifty futures’ previous close.
Exit polls project Prime Minister Narendra Modi to retain power for a third consecutive term, suggesting a significant victory for the BJP-led alliance in the lower house of the parliament. This political forecast has invigorated investors, leading to a sharp rally in domestic equity indices on Monday. The Nifty 50 had formed a hammer-like pattern, marking its best session in over three years.
Ruchit Jain, Lead Research at 5Paisa.com, expressed optimism about the market’s upward trend. He noted that the Nifty 50 index ended well above the previous hurdle of 23,100 - 23,000, suggesting a potential continuation of the uptrend following the election results. He identified 23,100 - 23,000 as the immediate support, with possible targets around 23,700 followed by 24,000 - 24,200 on the higher side. (Read the full story here.)
Election Results 2024 Share Market Impact Live : The Indian stock market is set to open higher today, coinciding with the announcement of the 2024 Lok Sabha election results. Exit polls predict a third consecutive term for Prime Minister Narendra Modi, sparking a record surge in the Indian equity market. Both Sensex and Nifty 50 indices rose over 3% on Monday, marking the largest single-day rally since January 2021.
In contrast, Asian markets traded lower, and the US stock market had a mixed performance overnight. Weak US manufacturing data has increased the likelihood of an interest rate cut by the US Federal Reserve this year, with traders now estimating a 59% chance for a rate cut in September.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, expressed confidence in the market reaching new highs due to the ruling party’s projected majority, positive macro trends, and robust corporate earnings. He suggested focusing on manufacturing, capex, infrastructure, and financials for long-term investment. (Read the full story here.)
Election Results 2024 Share Market Impact Live : India stock futures edged higher and the rupee was steady as votes in the world's largest election were set to be counted on Tuesday, with Prime Minister Narendra Modi widely expected to score a decisive mandate and a rare third term.
Exit polls have projected a big win for Modi, leading to markets soaring to record highs on Monday as investors were buoyed by expectations of sustained economic growth.
The voting results trends will start from 0230 GMT (8 am local time).
On Tuesday, NIFTY 50 index futures rose 0.21% in early trade, according to NSE International Exchange data, and was looking at another record high open.
The Nifty index ended up 3.25% at 23,263.90 points on Monday after touching a record high of 23,338.70 in the wake of exit polls.
The BSE index closed up 3.39% at 76,468.78 points on Monday, just off its lifetime peak of 76,738.89 hit earlier.
Early trade in the non-deliverable forwards (NDF) market pointed to a slightly firmer rupee on Tuesday. In the spot NDF market the rupee traded at 83.1000 to the dollar, against a close of 83.1425 in the spot foreign exchange market on Monday. The rupee rose 0.4% on Monday.
Asian share markets were mildly weaker on Tuesday as global investors consider the prospect the U.S. economy's 'exceptionalism' is starting to unwind as manufacturing activity in the world's largest economy further weakened.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1%, after U.S. stocks ended the previous session with mild gains. The index is up 1.6% so far this month.
Australian shares were down 0.21%, while Japan's Nikkei stock index slid 0.77%.
Hong Kong's Hang Seng Index was flat in early trade and China's CSI300 Index off 0.16%.
The yield on benchmark 10-year Treasury notes reached 4.4001% compared with its U.S. close of 4.402% on Monday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 4.8184% compared with a U.S. close of 4.818%.
On Monday, U.S. Treasury yields fell to the lowest point in two weeks, after the country's manufacturing activity slipped for the second consecutive month in May.
The 2-year yield was 6 basis points lower while the 10-year yield was down 11 basis points.
"The sharper move at the long-end is a sign that weaker manufacturing data is unlikely to shift the dial on Fed rate cuts near term, but is perhaps a signal of the market's view of neutral interest rates as US economic exceptionalism fades," Westpac economist Jameson Coombs said in a note on Tuesday.
There was now 40 basis points of rate cuts by the end of 2024 priced into financial markets expectations, he added.
In Europe, investors expect the European Central Bank on Thursday to cut the benchmark rate by 25 basis points to 3.75%.
On Wall Street, the S&P 500 index edged up 0.1%, the Dow Jones Industrial Average shed 0.3%, and the Nasdaq Composite rose 0.6%.
In India, Prime Minister Narendra Modi is expected to win a record-equalling third consecutive term in office on Tuesday when the 642 million votes cast in the world's largest election are counted.
The outcome is expected to be positive for the country's financial markets, according to analysts, on the hope India will under further economic reform.
The dollar rose 0.16% against the yen to 156.35 in Asian trading on Tuesday. It is still some distance from its high this year of 160.03 in late April.
The European single currency was up 0.1% on the day at $1.0912, having gained 0.65% in a month, while the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was down at 104.
U.S. crude dipped 0.42% to $73.91 a barrel. Brent crude fell to $78.05 per barrel. Both benchmarks slid to four-month lows on Monday after the Organization of the Petroleum Exporting Countries and allies, together known as OPEC , agreed to start unwinding some production cuts from October.
"Most commodity analysts had expected the production cuts to be maintained till the end of the year," NAB economists said.
Gold was slightly higher. Spot gold was traded at $2350.7266 per ounce.
