oppn parties BJP's Wins Sets Stock Markets On Fire

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  • Supreme Court questions the continuing relevance of two-child norms. The Court observed that falling fertility rates have weakened the population-control rationale behind laws disqualifying people with more than two children from contesting local body elections. It referred the issue to a larger Bench for consideration
  • Supreme Court declines to shift Tirupati laddu case outside Andhra Pradesh. The Court rejected a plea seeking transfer of the trial, despite arguments that political statements by Andhra Pradesh's Chief Minister and Deputy Chief Minister could affect the fairness of proceedings
  • Supreme Court transfers Azam Khan's fresh ED bail plea to Allahabad High Court. The apex court declined to consider the Samajwadi Party leader's bail request in a fresh Enforcement Directorate case and directed that it be listed before a division Bench of the High Court on November 16
  • Two killed in Delhi building collapse; contractor booked. Two bodies were recovered after a building collapsed in Chawri Bazaar. Delhi Chief Minister Rekha Gupta said the contractor had been booked and the concerned junior and assistant engineers suspended
  • Uttar Pradesh voter rolls show a 2.4-crore discrepancy. A difference of approximately 2.4 crore names has been reported between the state's panchayat and rural Assembly voter lists. The Election Commission has ordered the two sets of rolls to be matched
  • Gujarat announces 3% dearness allowance hike. The state government announced a three-percentage-point increase in dearness allowance for government employees and pensioners ahead of Diwali
  • Sensex and Nifty post their strongest single-day gains in months. The Sensex surged 2,008.61 points, or 2.60%, to close at 79,310.01, while the Nifty 50 climbed 576 points, or 2.40%, to 24,536.60. Financial and automobile stocks led the rally, supported by falling crude prices and renewed foreign investor buying
  • Maaya Rajeshwaran reaches WTA-level quarter-final. The 17-year-old Indian defeated Poland's Weronika Falkowska 6-4, 6-3, becoming the first Indian woman since Sania Mirza in 2012 to reach a quarter-final at a WTA Tour-level singles event
  • Tanvi Patri reaches Youth Olympics badminton final. The 15-year-old defeated Japan's Yuzuno Watanabe in the semi-final, assuring India of a medal and becoming the first Indian badminton player to reach the girls' singles final at the Youth Olympics
  • India beat Pakistan 3-2 in SAFF Championship. India defeated Pakistan in a closely contested match, having led 3-0 before conceding two late goals. The victory was reported as a significant result for India's second-string side
  • India beat Japan 4-1 to win a record sixth Asian Champions Trophy. India recovered from an early deficit to defeat Japan in the final at Mohali, extending its record as the tournament's most successful men's team
  • The Supreme Court issued notice to the Centre and the Election Commission on a petition challenging Section 16 of the Chief Election Commissioner and Other Election Commissioners Act, 2023, which grants the CEC and Election Commissioners protection from legal proceedings for acts performed in their official duties. The petition argues that such blanket immunity could leave citizens without an effective remedy for alleged wrongdoing by the Commission
  • The Supreme Court told voters whose names were deleted from Delhi's draft electoral rolls not to be apprehensive about seeking re-enrolment through Form 6, after the Election Commission assured it that such applicants would not be prosecuted merely because their names had appeared in earlier rolls
  • Congress leader Rahul Gandhi opened the party's campaign for the 2027 Punjab Assembly elections with an Insaaf rally in Sangrur, Chief Minister Bhagwant Mann's home district, accusing the AAP government of failing to control drugs, gangster violence and corruption. Congress president Mallikarjun Kharge outlined six commitments, including a drug-free Punjab, protection of farmers, employment for young people and action against corruption
  • Rahul Gandhi accused the AAP government of running Punjab through a remote control from Delhi and questioned Bhagwant Mann's ability to tackle drug abuse, making personal allegations about the Chief Minister's conduct during their time together in Parliament
Stock markets on fire due to US results, Sensex gains 2008 points to reach its highest level in 8 months
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BJP's Wins Sets Stock Markets On Fire

By Linus Garg
First publised on 2023-12-05 15:58:30

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

After the impressive performance by the BJP in the three Hindi heartland states of Rajasthan, Madhya Pradesh and Chhattisgarh, the stock markets in India are on fire. In just two trading sessions on Monday and Tuesday after the results were announced on Sunday evening, the Sensex has jumped by over 1800 points and the Nifty by 587 points. Scaling new closing highs, the Sensex closed at 69296 and Nifty at 20855 on Tuesday. Investors see in these BJP wins a confirmation that the party is most likely to return to power in 2024 with a substantial majority which will result in continuance of policy and long-term growth, both things necessary for rise in investor wealth.

The markets were rising since the beginning of November due to a host of factors. The Indian economy was proving to be resilient in the face of global slowdown and recorded a better-than-expected growth in the second quarter of FY24 buoying investor sentiment. With the release of hostages in batches, the war clouds in the Middle-East were also receding, reducing the possibility of disruption in supply chains. After a huge scare, oil prices had also shown a declining trend and have gone down by 7% from the beginning of November. Investors also expect the US Fed to cut rates earlier than expected and the US bond yields were easing. Finally, net FPI inflows in the first few days of December have already crossed the amount invested in the whole month of November.

Since the sentiment was positive in the market, the BJP wins gave it the impetus needed for a bull run. The Adani group shares have also contributed in the big jump after the US government termed the allegations against the group made by Hindenburg as 'not relevant', at least for Adani Ports, after a due diligence conducted by the International Development Finance Corporation. The US government approved a $553mn extension to the group for its container terminal in Sri Lanka. The shares of all Adani companies have surged by more than 10% and the increase in market capitalization has once again propelled Gautam Adani in the top 20 of the wealthiest persons in the world list. 

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