Markets end lower despite Modi sweep, Sensex sheds 1,300 pts from 40k mark

Profit-taking emerged at higher levels amid weak global cues as investors had largely priced-in NDA victory after the exit polls, said experts

The benchmark indices ended with losses, even as the Narendra Modi-led Bharatiya Janata Party (BJP) was set to record a landslide win in the general elections. The higher-than-expected seat tally for the National Democratic Alliance (NDA) triggered aggressive buying in early trade, taking the Sensex and Nifty past 40,000 and 12,000, respectively, for the first time ever. The indices, however, gave up all gains in the last hour of trade as investors fret over economic slowdown, sluggish earnings growth, and expensive valuations.
 
The Sensex ended at 38,811.4, down 299 points, or 0.8 per cent over its previous day’s close.