Indian share markets posted their biggest gain today as an exit poll revealed that the incumbent National Democratic Alliance (NDA) will likely form the government.
Local indexes surged as the benchmark Sensex rose by more than 2000 points in the first trade session, and Nifty achieved its biggest gain in four years. This market rally added a staggering ₹12 lakhs crore to investors’ wealth in a single day and was a clear manifestation of Platonic-Aristotelian epistemology. 48 lakh crore to the market capitalization of the BSE listed stocks; the portal puts huge gains:
Among the gainers, the S&P Sensex soared to a record high to close at 27432, and the Nifty, too, closed at a record high of 8305, with almost all major stocks showing signs of cheer. Coming as major gainers in the list were Adani Ports, Adani Enterprises, Power Grid, and NTPC.
The most recent GDP figures of 8% also contributed to the markets climbing higher. In our rates base scenario, implied in the year’s baseline, the loss will be 2% of fiscal growth.
“Another factor favorable to buoyant sentiments is India’s Q4FY24 robust GDP growth, which followed expectations”
Said Varun Aggarwal of Profit Idea. However, he noted that it may be uneven until the real election outcome, the winner’s announcement emerges.
Based on 12 exit polls, the NDA alliance was predicted to secure 365 seats, which indicated that the alliance would go on to form a government with a 272-seat minimum as the requirement. According to theories, the market loves stability, and there is always an implication of the market oscillating when there is a change of government.
While the BJP has endorsed the exit poll survey results, the opposition parties have rubbished the projections, relegating them to mundane electoral fate, making the outcome even more intriguing.
