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Latest -Stock Market: Sensex, Nifty 50 Hit Record Highs After Exit Polls Predict BJP-Led NDA Win

BSE Sensex and Nifty50, the Indian stock benchmark indices, rose in the opening trading on Monday to reach life-time highs.

Stock Market: Sensex, Nifty 50 Hit Record Highs After Exit Polls Predict BJP-Led NDA Win

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“The win of PM Modi/BJP bodes well for the economy and capital markets since it gives stability and consistency in policymaking with a single-party majority government that is expected to push its economic agenda. Equity markets lately shown some worry and nervousness over the impending political uncertainties, resulting in a substantial increase in volatility in April and May 24. With this unambiguous ruling, we believe markets will sigh with relief and return to fundamentals/business-as-usual mode.

India is experiencing a mini-Goldilocks moment with excellent macros (GDP growth of 8.2% in FY24 on the back of ~7% growth in FY23, inflation at ~5%, both current account and fiscal deficits well within tolerance band, stable currency, etc.), solid corporate earnings (Nifty ended FY24 with 25% earnings growth and FY25/26 earnings are likely to post 14-15% CAGR), focus on manufacturing, capex, and infrastructure creation, and valuations at 20x one-year f This ruling, and the subsequent political stability and continuity in policy-making, would act as the frosting on the cake, keeping India as the cynosure of all eyes.

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