oppn parties Stock Markets Welcome Larger Majority For NDA In Exit Polls With Style, Indices End At Lifetime Highs

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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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Stock Markets Welcome Larger Majority For NDA In Exit Polls With Style, Indices End At Lifetime Highs

By Sunil Garodia
First publised on 2024-06-03 15:26:00

About the Author

Sunil Garodia Editor-in-Chief of indiacommentary.com. Current Affairs analyst and political commentator. Author of Cyber Scams in India, Digital Arrest, The Money Trap and The Human Hack

Unlike politicians (on the losing side), the media, political commentators and the general public, it seems that the stock market does not take the exit polls with a pinch of salt. Hence, despite the 'health' warning that such polls are not always correct and may even go horribly wrong at times, the Indian stocks markets witnessed a strong and broad-based rally on Monday, the first day the market opened after the exit polls were declared on completion of the last phase of voting on Saturday, June 1. On expectation of policy continuity, market stability and further reforms if NDA wins with the huge margin predicted by exit polls, the Sensex ended 2507 points higher and the Nifty was up by 733 points. Experts had predicted that there will be a strong rally on Monday but the fervour with which the bulls went after the scripts surprised even the most optimistic of the commentators. It was the single-largest gain for the markets in three years.

The markets opened strongly (Sensex opened at 76583, 2622 points higher than its Friday closing and although there was profit-taking at higher levels and some volatility, it never dipped below 75600 points in the entire trading session. All sectoral indices were in the plus with both Sensex and Nifty closing at all-time highs. Another big reason for the huge rally was the fact that GDP figures for FY24 surpassed all expectations signalling that the economy was doing much better than expected. The twin reasons saw the bears beating a hasty retreat and the bulls getting a firm grip on the market. The very fact that even though there was profit-taking at higher levels, the markets sustained their initial momentum shows that there were buyers even at the higher levels. This is good for the market as, if the results mirror the exit polls, the rally is likely to continue for a couple of trading sessions. And if the NDA crosses the 400 mark, the Sensex may even cross 78000 and may even go as high as 79000. But retail investors are advised to exercise caution and apply their best judgment before entering the markets at these high levels. 

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