India’s Nifty plummets 3.5% to lead Asia markets lower as election vote counting kicks off

India’s Nifty plummets 3.5% to lead Asia markets lower as election vote counting kicks off


A woman walks past Bombay Stock Exchange (BSE) office in Mumbai, India, 18 July, 2022.

Nurphoto | Nurphoto | Getty Images

India stocks slumped to lead Asia markets lower Tuesday, as the country started counting votes for its 2024 general election.

The world’s most populous country started counting votes at 8 a.m. local time, with Prime Minister Narendra Modi projected to win a rare third consecutive term as per the exit polls.

The Nifty 50 index was down 3.5% while BSE Sensex fell 1.5%, after the main stocks gauges in India hit record highs on Monday.

Over the weekend, local exit polls projected Modi and his Bharatiya Janata Party-led alliance winning a decisive majority in the lower house of the parliament.  

Japan’s Nikkei 225 fell 0.22%, while the broader Topix dipped 0.24%.

South Korea’s Kospi shed 0.47% and the smaller-cap Kosdaq reversed earlier declines to rise 0.8%.

Hong Kong’s Hang Seng index edged 0.31% higher, while the CSI 300 index added 0.4%.

In Australia, the S&P/ASX 200 index was down 0.19%.



Source

Canada rescinds Digital Services Tax after Trump cuts off U.S. trade talks
World

Canada rescinds Digital Services Tax after Trump cuts off U.S. trade talks

U.S. President Donald Trump is greeted by Prime Minister of Canada Mark Carney, as he arrives at the G7 leaders’ summit in Kananaskis, Alberta, Canada June 16, 2025. Stefan Rousseau | Via Reuters Canada has walked back on its digital services tax “in anticipation” of a mutually beneficial comprehensive trade arrangement with the United States, […]

Read More
China’s manufacturing activity contracts for a third month amid deflation woes
World

China’s manufacturing activity contracts for a third month amid deflation woes

Workers producing garments at a textile factory that supplies clothes to fast fashion e-commerce company Shein in Guangzhou in southern China’s Guangdong province. Jade Gao | Afp | Getty Images China’s manufacturing activity contracted for a third straight month in June, an official survey showed on Monday, fueling hopes for more stimulus to cushion the […]

Read More
CNBC Daily Open: The S&P 500 hits a high — but as Trump gives, so can he take
World

CNBC Daily Open: The S&P 500 hits a high — but as Trump gives, so can he take

U.S. President Donald Trump speaks to the media at the White House in Washington D.C., U.S., June 27, 2025. Ken Cedeno | Reuters Something I rarely, if ever, say: What a wonderful Monday morning! On Friday stateside, the S&P 500 broke its previous record. Celebrations were shared with the Nasdaq Composite, which also hit a […]

Read More