Markets cheer BJP wins, hit record high

December 04, 2023 15:52

India's benchmark indices, Sensex and Nifty, soared to unprecedented highs during Monday's market opening. This surge was fuelled by the recent triumph of the ruling Bharatiya Janata Party (BJP) in state elections, coupled with robust domestic macroeconomic data and mounting expectations of a US rate cut in March.

As the Sensex and Nifty reached their all-time highs, market experts provided insights into the driving forces behind this impressive rally.

Sunil Shah attributed the surge to the favourable outcome of state election results, stating, "Only one reason I would accurate to this rally, Sensex is up by more than 900 points, the reason is the outcome of state election results and results are in favour of the ruling party".

Shah added, "It's a huge mandate by the people and that makes the market feel very comfortable that if this was considered to be semi-final, the final will be played in the month of May and the outcome is now more predictable than before. So investors are confident about the continuation of the policies and this growth momentum and the thrust of the government where it is, so the growth is the focus area of the government".

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