Business & Economy

Indian Stock Market Hits All-Time High as Modi Enters 3rd Term as PM

© AP Photo / Rajanish Kakade / India BudgetPeople walk past an electronic signage displaying news of India's federal budget inside the Bombay Stock Exchange (BSE) building in Mumbai, India, Wednesday, Feb. 1, 2023.Prime Minister Narendra Modi’s government presented to Parliament on Wednesday an annual budget of $550 billion that calls for ramping up capital spending by 33% to spur economic growth and create jobs ahead of a general election next year. (AP Photo/Rajanish Kakade)
People walk past an electronic signage displaying news of India's federal budget inside the Bombay Stock Exchange (BSE) building in Mumbai, India, Wednesday, Feb. 1, 2023.Prime Minister Narendra Modi’s government presented to Parliament on Wednesday an annual budget of $550 billion that calls for ramping up capital spending by 33% to spur economic growth and create jobs ahead of a general election next year. (AP Photo/Rajanish Kakade) - Sputnik India, 1920, 10.06.2024
Subscribe
The Indian stock market witnessed a massive surge a week ago, when the exit polls had predicted a landslide victory for BJP. However, the market subsequently plunged after the saffron party failed to secure a clear mandate on its own.
As Prime Minister Narendra Modi kicked off his third term on Monday, the Indian stock market witnessed a record-setting surge.
The unprecedented boom in the Indian stock market can be attributed to the confidence investors have in the new government, as they expect stability.
As the market opened in the morning, the 50-share Nifty went up to 23,370.30 while the 30-share Sensex climbed to 76,904.35. Both the indexes gained 0.34% and 0.27%, respectively.

With the stock market opening at 9.22 a.m. (IST), 11 of the 13 major sectors traded in green, whereas high weightage financials rose 0.7% and state-owned lenders rose 1.9%.

Meanwhile, auto stocks rose by 0.8% following a statement by the dealers' association predicting stability and improved market sentiment post-election results.
Conversely, the shares of IT companies backtracked by 0.8%.
The stock market witnessed a massive surge last week when the exit polls had predicted a huge victory for the ruling National Democratic Alliance (NDA) led by the Bharatiya Janata Party (BJP).
On June 4, following the announcement of the Lok Sabha election results, the stock market experienced a decline, due to the BJP's inability to secure a comfortable majority on its own, winning just 240 seats. However, through its alliance, the saffron party was able to cross the halfway mark of 272 by securing a total of 293 seats out of the 543.
India’s Bharatiya Janata Party (BJP) leader, Narendra Modi (R) takes the oath of office for a third term as the country's Prime Minister during the oath-taking ceremony administered by President Droupadi Murmu (2L) at presidential palace Rashtrapati Bhavan in New Delhi on June 9, 2024. - Sputnik India, 1920, 09.06.2024
Political Affairs
Modi Sworn In as India's Prime Minister for Third Term
Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала