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

  • The Indian envoy in Bangladesh was summoned by the country's government over the breach in the Bangladesh mission in Agartala
  • Bank account to soon have 4 nominees each
  • TMC and SP stayed away from the INDIA bloc protest over the Adani issue in the Lok Sabha
  • Delhi HC stops the police from arresting Nadeem Khan over a viral video which the police claimed promoted 'enmity'. Court says 'India's harmony not so fragile'
  • Trafiksol asked to refund IPO money by Sebi on account of alleged fraud
  • Re goes down to 84.76 against the USD but ends flat after RBI intervenes
  • Sin goods like tobacco, cigarettes and soft drinks likely to face 35% GST in the post-compensation cess era
  • Bank credit growth slows to 11% (20.6% last year) with retail oans also showing a slowdown
  • Stock markets continue their winning streak on Tuesday: Sensex jumps 597 points to 80845 and Nifty gains 181 points to 24457
  • Asian junior hockey: Defending champions India enter the finals by beating Malaysia 3-1, to play Pakistan for the title
  • Chess World title match: Ding Liren salvages a sraw in the 7th game which he almost lost
  • Experts speculate whether Ding Liren wants the world title match against D Gukesh to go into tie-break after he let off Gukesh easily in the 5th game
  • Tata Memorial Hospital and AIIMS have severely criticized former cricketer and Congress leader Navjot Singh Sidhu for claiming that his wife fought back cancer with home remedies like haldi, garlic and neem. The hospitals warned the public for not going for such unproven remedies and not delaying treatment as it could prove fatal
  • 3 persons died and scores of policemen wer injured when a survey of a mosque in Sambhal near Bareilly in UP turned violent
  • Bangladesh to review power pacts with Indian companies, including those of the Adani group
D Gukesh is the new chess world champion at 18, the first teen to wear the crown. Capitalizes on an error by Ding Liren to snatch the crown by winning the final game g
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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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