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June 13, 2024 12:07 am

As Exit polls predicts BJP win, stock market surges

The Fact News Service

New Delhi, June 3

New Delhi: As various exit polls put BJP-led NDA on top on June 1, a day later, early trading saw a sharp increase in the stock market as investors went bullish due to the prospect of political stability as indicated by the exit polls.

The 50-stock Nifty saw its largest increase in four years during the market opening, while the 30-share Sensex surged nearly 2,500 points this morning. Today saw the achievement of record-high levels for both the Bombay Stock Exchange’s Sensex and the National Stock Exchange’s Nifty indices. Right now, every Sensex and Nifty stock is rising.

At Pre-open, the Sensex rose 2,621.98 points, or 3.55%, to 76,583.29. Nifty jumped over 800 points, or 3.58%, to 23,227.90.

Leading the market surge with notable gains were Adani Ports, Adani Enterprises, Power Grid, Shriram Finance, and NTPC. The most recent GDP statistics, which points to a strong 8.2% fiscal increase, has improved market mood.
Experts state that buoyant sentiments are driven by India’s impressive Q4FY24 GDP growth of 7.8%, surpassing expectations, with the fiscal year’s growth standing at 8.2%.” In addition, the experts also issued a warning that the market will continue to be erratic as it awaits the results that are due.

Twelve exit polls combined on Saturday indicated that the BJP would win back power and that the incumbent NDA alliance would win 365 seats. For a party or coalition to take control of the government, they must hold at least 272 seats. Analysts claim that the market favors political stability and that a change in government typically carries a risk of share market volatility.

There is also a new prediction that the BJP may break ground in Kerala and Tamil Nadu, and also gain massively in West Bengal and Odisha.

Even as the BJP welcomed the predictions, the Opposition dismissed them saying that June 4 will show a completely different picture. Following the meeting of leaders from the INDIA bloc, Rahul Gandhi while speaking to the media said,” Do you remember Sidhu Moosewala’s song?” And then added, “INDIA bloc will get 295 seats.”

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