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Bourses likely to applaud BJP’s win
Stock markets are expected to cheer the stunning victory of BJP in UP Assembly polls and may scale to new highs on hopes of further economic reforms, predict market experts
New Delhi : Stock markets are expected to cheer the stunning victory of BJP in UP Assembly polls and may scale to new highs on hopes of further economic reforms, predict market experts. Although markets will remain closed on Monday for Holi, a festival of colours. A strong market rally is expected in coming days. Technical analysts forecast a gap-up opening on Tuesday. Nifty is just short of 184.45 points of its all-time high of 9,119 points set in March 2015.
Vijay Singhania, Founder-Director, Trade Smart Online, said: “Markets are expected to break into a new zone with the BJP achieving a landslide victory in Uttar Pradesh and Uttarakhand. This win will help Prime Minister Modi more say in the Rajya Sabha and will take forward economic reforms.”
“The election outcome in UP, the most populous state in the country, is being dubbed as the semi-final to the 2019 general elections. The win has the potential to boost the Modi-led NDA strength and could have a bearing on the Presidential elections later this year,” Singhania added.
In terms of weekly performance, the BSE Sensex advanced by 113.78 points, or 0.39 per cent, to end the week at 28,946.23 points. Sensex is 3.73 percent short of its all-time high of 30,024.75 points recorded on March 4, 2015. Nifty added 37 points, or 0.41 per cent, nd closed at 8,934.55 points.
K Sandeep Nayak - ED and CEO at Centrum Broking, forecasts: “The poll results will strengthen government's resolve to reform the economy and continue its tirade against blackmoney. International investor confidence in the India story should strengthen further. The markets should react positively in the near term paving the way for a new all-time high on the BSE Sensex.”
In the latest rally on the bourses, top six Indian companies added a total of Rs 30,505.3 crore in market valuation last week, with IT biggie TCS walking away with the biggest slice.While TCS, RIL, HDFC Bank, ITC, HDFC and SBI were on the winner's side of market capitalisation (m-cap) for the week to Friday, ONGC, Infosys, CIL and HUL ran up losses.
Ajay Bodke, CEO & Chief Portfolio Manager - PMS, Prabhudas Lilladher, adds: “BJP’s emphatic victory in the politically-crucial state of UP would embolden the Prime Minister in aggressively expediting key structural economic reforms that have been hobbling India's growth impulses. Equity market would be rejoiced with this outcome and scale a new high ably supported by a torrent of domestic liquidity.”
