Sensex on a High, with Modi Win in Sight
After days of speculation and confusion, it now seems finally clear that the current market rally in indeed a BJP led Modi-driven rally. As the markets have been on a superb surge in the last three days, as hopes grew louder for a likely Modi government at the Center.
It all started last Friday, as the second last phase of the Lok Sabha Elections 2014 were under-way in Bihar, Uttar Pradesh, Himachal Pradesh, West Bengal and Jammu & Kashmir. The BSE benchmark index, the Sensex, rallied as much as 3 per cent (650 points) in a single trading session – the biggest single day gain in the over six months.
This rally was followed by another 557-points rally on Monday – May 12, 2014 – the final day of voting in the nine-phase long election process. Post end of the casting votes, the opinion polls also known as the exit polls – indicated a clear victory for the NDA government led the BJP’s Narendra Modi. Hence, the markets once again this morning started on a gung-ho note, with the Sensex surpassing the 24,000-level (up another 500 points) in morning trades.
In the process, in the last three trading sessions, the BSE Sensex has surged around 7 per cent having gained a whopping 1,600-points.
This certainly puts to rest a lot of arguments – whether the markets are driven by positive developments of the out-going party in the last one year or so, or if the markets are buoyant as new government led by BJP will be taking charge at the Centre.
As per media report most of the opinion polls reveal that the NDA government will easily sail past the coveted 272-mark, barring a Times Now-ORG poll, which pegs 257 seats for the NDA government. In fact, News 24-Today’s Chanakaya channel is so buoyant, that it has pegged NDA government tally at a 340 seats.
On the other hand, most of the surveys again barring Times Now-ORG have painted a dismal picture for the UPA government. Most of them fell, this will be the Congress government worst performance, and on an average may win less than 100 seats. The Times-Now ORG anyways have pegged the number at 135.
It’s now matter of few hours – approximately around 60 hours, before we get to know the actual results where is it really going to be ‘Aap Ki Bar Modi Sarkar or not. However, one verdict seems already out – that the BSE Sensex seems to be on a high (life-time high) on the back of Modi win in sight.