In a dramatic downturn, Nifty 50 recorded its biggest single-day plunge in over four years, falling 6%, as bears took control of Dalal Street following the BJP's failure to secure a clear majority in the elections. The Narendra Modi-led BJP leads with 293 seats, but concerns over the new government's ability to implement bold policies weighed heavily on the market. GIFT Nifty remains subdued despite Modi's victory speech, with technical indicators pointing to a trading range of 21000-22500. Meanwhile, WTI crude oil futures dropped to a four-month low, offering some relief. Eyes are now on the RBI's three-day MPC meeting.