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'June 4 stock market will be…': PM Modi downplays Dalal Street unease over election numbers

'June 4 stock market will be…': PM Modi downplays Dalal Street unease over election numbers


As phase 5 of the Lok Sabha elections begins, Prime Minister Narendra Modi, in an interview to a television channel, played down the nervousness on Dalal Street over the poll result, saying Indian stock markets will beat all previous records on June 4.

You see, the day the election results are out, and throughout this week, stock market programmers will be fed up with the action, Modi told NDTV. The Prime Minister said that in the last ten years, the market had reached the level of 75,000, up from 25,000. “The more people invest in the stock markets, the better it is for the economy. And the “risk appetite of every citizen should increase,” he said, highlighting the gathering of public sector enterprises which highlighted the Centre's efforts towards maximum economic reforms and pro-entrepreneurship policies to strengthen the 'economy.

Stock markets have been turbulent since the start of the elections on April 19, amid fears of a truncated victory for the BJP. The Prime Minister's statement follows an assurance given by Union Home Minister Amit Shah to equity investors, advising them to “buy before June 4”.

Nomura India cited recent opinion polls suggesting a BJP victory and political continuity after the 2024 general elections. In terms of reform agenda for the next five years, Nomura foresees a sustained focus on infrastructure spending and a surge in the manufacturing sector, alongside fiscal consolidation.

“The government could focus on the most politically controversial reforms around factors of production, including land, labor and capital, on judicial reforms and on simplifying the administration of direct and indirect taxes, notably by bringing electricity, oil, gas and alcohol under the ambit of GST The government “There is also likely to be a greater focus on improving the ease of doing business for businesses. foreign investments and on preparing the ground for the next generation sectors,” he said.

MUFG Bank, on the other hand, noted that although the deal seemed almost done, the overwhelming consensus among political observers and polls was that a likely victory for the incumbent BJP government. “As long as the BJP wins the majority of Lok Sabha seats again (>272 seats), we believe markets should still view the outcome of the Indian general elections positively over time. There could be some slight weakness instinctive of the INR exchange rate and the risks if the BJP loses a few seats and retains the majority,” he said.

“Conversely, a larger share of seats won by the BJP compared to 2019 (>303 seats) would increase the capacity to pass more controversial structural reforms in the land, labor and agriculture sectors, and would be viewed much more positively by markets, with INR FX and risk assets likely to rebound thereafter,” he said.

If the BJP comes to power, Mirae Asset said all eyes will be on the July budget to see if there will be any changes in direct or indirect taxation, MSP policy and MGNREGA payments. In the long term, the focus will be on infrastructure development, farm laws, skill development and job creation in the manufacturing sector to boost demand from rural India, Mirae Asset Capital Markets said.

Last week, PhillipCapital said it forecast a strong recovery if the BJP-led NDA achieves the much-publicized target of over 400. “If a drop of 300-330 seats for the NDA results in a knee-jerk market reaction (a fall), we would treat this as a buying opportunity. Further worsening of voter turnout in subsequent election phases could impact the election outcome and stocks so we can monitor them closely. , the national brokerage said in its note.

Disclaimer: Business Today provides stock information for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.




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