And Sensex does it again. Indian markets driven by huge expectations from the coming (hopefully) BJP govt got a major spurt when PM candidate Narendra Modi declared on prime time that his party will form the most stable and strong govt in Indian history after Rajiv Gandhi. You can watch the full interview here. Any party to get a clean majority needs to score atleast 272 seats in general elections. Many exit polls and election survey predicts that there are chances that BJP (or current form of NDA) will do better than that.
A stable and decisive govt at the centre will certainly raise hopes of Indian investors, as trillions of rupees worth of projects are gathering dust in various govt departments waiting for approvals. Any govt formation that will expedite project approvals, unshackle the invested capital and get new (or better) jobs for our aspiring citizens is certainly welcome by public and businesses alike.
Sensex ended this week up by 2.6% while Nifty was up by 2.4% and Midcap up by 1.6%
Monday - Sensex up by 0.2%, Nifty slightly up by 0.1%, Midcap flat
Markets recovered a little after continuously falling over past five sessions. Sentiment although remains bearish as regional shares falls on news that China's April PMI has contracted for fourth consecutive month.
Tuesday - Sensex up by 0.3%, Nifty up by 0.2%, Midcap up by 0.2%
Investors showed some confidence in Indian stocks as key benchmark indices rose to touch its week high. HSBC PMI index showed some improvement (48.5 in Apr vs. 47.5 in Mar) but still languished below 50 mark indicating contraction, not growth, keeping hopes of expansion in hiring activities at bay.
Wednesday - Sensex down by 0.8%, Nifty down by 0.9%, Midcap down by 0.2%
Sensex and Nifty plunged due to heavy selling in IT counters amid weak global cues and rupee hitting a month high against US dollar. Investors are keeping an eye on US Fed testimony in congress related to continuous decline in value of USD while continuously hoping that tensions in Ukraine do not escalate into a full-fledged war.
Thursday - Sensex up by 0.1%, Nifty up by 0.1%, Midcap down by 0.2%
Investors continued to stay cautious as Indian general elections entered its last phase. BSE Sensex and Nifty recovered slightly from their recent lows as investors picked up some of the battered stocks. Indian market also got some sentiment uplift from dovish comments by US Fed Chair and upbeat Chinese trade data that suggested some signs of recovery in the world's second-largest economy.
Friday - Sensex up by 2.9%, Nifty up by 3.0%, Midcap up by 1.9%
Sensex and Nifty surprised all watchers as indices soared to touch their all time highs amidst weak trading sentiment ahead of election results. BJP’s PM candidate Narendra Modi’s interview previous night – where he declared that his party is getting clear majority probably lifted the mood of investors. Investors bought stocks in droves as country nears the closing of more bitterly contested general elections in its history on Monday.
Thanks Ragini!
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