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Shares set to skyrocket as exit polls predict NDA landslide

Published on Jun 03, 2024 08:22

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could soar 755 points at the opening bell, driven by the likely stunning victory of the NDA for a third term at the Centre, as most exit polls predicted a landslide win.

After the Lok Sabha Election 2024 concluded on Saturday, June 1, most exit polls predicted a decisive third term for the Narendra Modi government in New Delhi. The Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) is expected to win over 350 of the 543 seats in the Lok Sabha. Notably, three exit polls suggested that the NDA might make history by surpassing the 400-seat milestone. The final results of the Lok Sabha Election are scheduled to be announced on June 4, 2024.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,613.24 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,114.17 crore in the Indian equity market on 31 May 2024, provisional data showed.

FPIs have sold shares worth over Rs 42214.28 crore in May. They offloaded shares worth 35692 crore in April 2024.


India`s GDP grew at 7.8% in Q4 of FY24, raising the full-year growth estimate to 8.2%, according to data released by the Ministry of Statistics and Programme Implementation (MOSPI) on Friday.

India`s GST collections rose 10% YoY to Rs 1.73 lakh crore in May 2024, driven by a surge in domestic spending. This strong domestic performance points to a healthy economy, despite a 4.3% decline in imports.

Global Markets:

Asian share markets climbed on Monday as investors anticipated a rate cut in Europe this week, potentially marking the first time the European Central Bank (ECB) eases policy ahead of the U.S. Federal Reserve. The ECB is widely expected to lower rates by 0.25% to 3.75% on Thursday.

Meanwhile, positive data emerged from China, a key driver for regional growth. The Caixin manufacturing Purchasing Managers` Index (PMI) for May came in at 51.7, indicating continued expansion in the sector. This suggests some resilience in the Chinese economy.

US stocks closed mostly positive on Friday, with the S&P 500 recovering from early losses to end the day in the green. The Dow Jones Industrial Average jumped 574.84 points, or 1.5%, to close at 38,686.32. The S&P 500 rose 0.8%, while the Nasdaq Composite slipped less than 0.1%.

Domestic Markets:

The domestic stocks finally snapped their losing streak Friday, clawing back small gains after five days in the red. The Nifty 50 regained the 22,500 mark. Investors seem to be done with pre-election jitters and are now waiting for exit polls to make their next move. Real estate, metals, and state-owned banks were in favor, while media, tech, and healthcare took a hit. The barometer index, the S&P BSE Sensex, was up 75.71 points or 0.10% to 73,961.31. The Nifty 50 index added 42.05 points or 0.19% to 22,530.70.

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