The Indian stock market is experiencing a sudden outbreak!
On June 4th local time, the Indian stock market continued to decline after opening. As of the time of writing, the Indian SENSEX30 index has fallen by over 6%, with a drop of over 7% during trading.
According to financial data from Yingwei, major stock indexes in India have all experienced a significant decline, while the VIX panic index in India has jumped, rising by over 40% as of press release.
In terms of individual stocks, Adani Ports, a subsidiary of Adani in India, fell more than 23%, the largest decline since February 2023.
The National Bank of India fell more than 15%, the largest decline since October 2008.
Prior to today, India's SENSEX index has risen by nearly 6% so far this year. On June 3rd during trading, the Indian stock market reached a historic high, with the Indian SENSEX index rising nearly 3.8% to a new high of 76738.89 points. From 2016 to 2023, India's SENSEX index rose for eight consecutive years, with a growth rate of 177%.
The voting results for the 2024 Indian general election are announced today
According to Xinhua News Agency, the 7th stage of the 18th election of the Indian People's Court (Lower House of Parliament) ended at 18:00 local time on June 1st, marking the end of the voting phase for the 2024 Indian general election.
The Indian general election voting will begin on April 19th and will be conducted in seven stages. The results will be announced on June 4th. The competition for this year's Indian general election is mainly between the National Democratic Alliance led by the ruling Indian People's Party (INP) and the Indian National Development Inclusive Alliance led by the Indian National Congress Party.
According to a previous report by CCTV News, export poll results showed that all major polls predicted that the ruling Indian People's Party (INP) led by Indian Prime Minister Modi and the party led National Democratic Alliance would win the vast majority of seats in the general election, and the INP would gain an overwhelming victory.
It is reported that the Indian parliament adopts a bicameral system, divided into the Federal Parliament (Upper House of Parliament) and the People's Parliament. The People's Court elections are held every 5 years, and political parties or party alliances that win a majority of seats in the People's Court elections have the right to form a cabinet.
India's manufacturing growth slows down in May
On the noon of June 3rd, S&P Global released its HSBC India PMI data report, which showed that the final value of India's manufacturing PMI in May fell from 58.8 in April to 57.5, although it has declined, it is still in the expansion range for three consecutive years. The growth rate of production and new orders slowed down in May, mainly due to extreme high temperatures and reduced working hours caused by elections, but overall growth remained strong.
In sharp contrast to the overall PMI trend, the growth rate of new export orders in India significantly accelerated in May, reaching the fastest growth rate in 13 years and continuing the growth momentum for 26 months. This growth is due to the growth of customers in multiple regions such as Africa, Asia, the Americas, Europe, and the Middle East.
HSBC economists suggest that the Indian economy may continue to benefit from the rise in credit and construction industries. Previously, India's GDP in the third quarter grew strongly by 7.8% compared to the same period last year. HSBC pointed out that Gross Value Added (GVA) demonstrates the resilience of the construction and finance industries, which may support India's economic growth in the fiscal year 2025.