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Poll results to light up markets by Diwali
The stock markets are likely to surge in the coming days, with the Bharatiya Janata Party (BJP) set to form the government in Maharashtra and Haryana following assembly elections in these two states.
New Delhi: The stock markets are likely to surge in the coming days, with the Bharatiya Janata Party (BJP) set to form the government in Maharashtra and Haryana following assembly elections in these two states. The stock market, which had already surged over 400 points after exit polls predicted a victory for the BJP after voting ended on October 15, will see further rally ahead of Diwali, according to a report in India Today.
“The markets will open at least 1 per cent or 250 points up tomorrow, as the results and the possibility of further reforms have created a new euphoria,"said Motilal Oswal, CMD of Motilal Oswal Financial Services in Mumbai. "As the Modi magic continues, investors are expecting a number of reforms from the government." By Diwali, the markets would rise by 2 per cent, he said. On Friday, the Sensex closed at 26,108.53 points, a marginal change from the previous day's close.
The decision by the ruling NDA government on Saturday to deregulate diesel, which has immediately lowered the price of the fuel by as much as Rs.3.50 a litre, will further bring cheer to the market. A deregulation in fuel prices (petrol has already been de-regulated) will improve the financial health of public sector oil companies, that have been reeling under huge subsidies. Interestingly, the decision to deregulate diesel prices has come at a time when international crude prices have softened in a major way to around $87 a barrel.
