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

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News Snippets

  • PM Modi says Congress is bent on dividing Hindu society for electoral gains and is trying to bulid a Muslim vote bank by keeping the minority in fear
  • Election Commission says Congress demands on Haryana are 'unprecedented' and it is rejecting the will of the people
  • INDIA bloc allies slam Congress, say it does not know how to win even sure-shot elections after its loss in Haryana. AAP dumps it in Delhi and will go solo in the nsuing elections
  • Rahul Gandhi says Haryana loss was 'unexpected' and the party is analysing the results
  • PWD takes over the 6, Flagstaff Road bungalow in Delhi and removes Delhi CM Atishi's belongings for trespassing. It argued that the house was not Delhi CMs permanent residence and once Kejriwal vacated it, a fresh application for allotting it to Atishi needed to be made
  • Centre gives nod to Rs 68000cr mega defence deals including building 2 nuclear submarines and buying 31 Predator drones
  • US government considers asking a federal court to direct Google to sell some of its businesses which will effectively break up the company
  • Finance minister Nirmala Sithraman said that the carbon tax proposed by the EU is unilateral and arbitrary
  • The Monetary Policy Committee (MPC) of the RBI held rates for the 10th consecutive cycle but changed its stance from 'withdrawal of accommodation' to neutral, indicating that all things reamining the same, it might consider lowering key rates in the next review
  • Stocks turn red again on Wednesday: Sensex loses 167 points to 81467 and Nifty 31 points to 24981
  • Asian TT: Despite losing to Japan 1-3 in the semis, the Indian women's team defied rankings and won a historic bronze medal
  • 2nd T20: India score 221/9 powered by a scintillating 74 (34 balls) by Nitish Reddy and a blistering 53 (29balls) by Rinku Singh
  • 2nd T20 versus Bangladesh: Nitish Reddy and Rinku Singh shine with the bat as India thrashes the visitors by 86 runs to win the match and seal the series 2-0 with one match to go
  • Women's T20 World Cup: India thrash Sri Lanka by 82 runs, improve their net run rate considerably to jump to the second position on the group table and give themselves a realistic chance of making the semis
  • EC slams Congress for raising doubts about Haryana results
Ratan Tata passes away at 86. To be cremated with state honours. Calling him a "visionary business leader", PM Modi said he was "extremely pained by his passing away"
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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.

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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