Sensex index surges on the eve of earnings announcement
Indian domestic equity indexes opened at record highs today after exit polls projected a revival for Prime Minister Narendra Modi’s NDA government. Analysts said a better-than-expected 8.2% GDP growth in FY24 and S&P’s upgrade of India’s rating outlook to positive from stable also boosted the market. The BSE Sensex crossed the 76,500 mark for the first time on Monday. The 30-stock index opened at 76,583.29, up 2,621.98 points or 3.55 percent. The Nifty opened at 23,337.9, up 807.2 points or 3.58 percent, its highest ever. read more
How the BJP can break through to its southern stronghold
If the exit polls are to be believed, the outlook for the BJP-led NDA in the south certainly looks bright. According to the exit polls, the BJP, which has been trying to make inroads in the south, is likely to perform strongly in Karnataka and Andhra Pradesh, and make impressive gains in Telangana and Tamil Nadu. Overall, the exit polls have given the DMK-led United India a big lead in Tamil Nadu, winning between 33 and 39 seats out of the total 39 expected, but giving the BJP just over four seats. In the 2019 Lok Sabha elections, the Indian National Party did not win a single seat in Tamil Nadu. Given the magnitude of the Congress’ victory in last year’s state assembly elections, Karnataka could pose a surprise if the BJP repeats its dominance in 2019, when it won 27 of the 28 seats. If the exit polls are true, even Telangana could be a surprise, given that the BJP has never had a significant presence there before. read more
How is the BJP gearing up for the weekend’s celebrations?
The BJP, confident of a landslide victory as predicted by exit polls, is reportedly planning a “political event” that may be scheduled for the weekend, apart from the official inauguration of the new government. Sources said preparations for the inauguration ceremony at the Presidential Palace began last week. Sources said the Central Public Works Department is “already working on the event”. Sources said the “political event” is likely to be held at Bharat Mandapam or Kartavya Patho on the same day as the official inauguration. The event is set to be a showcase of “Indian cultural heritage” and may also feature a sound and light show. The event is expected to be attended by 8,000-10,000 people, including “representatives of foreign governments”. read more
Why is 400 pairs rare? It has only happened once before.
In the next few hours, we will finally know how close the BJP and NDA are to reaching their target of 400 seats. In Indian electoral history, a political party has only surpassed this figure once before – when the Congress won 414 seats (out of 541 voters) in the Lok Sabha elections after Indira Gandhi’s assassination. Even in the first few years after independence, when the Congress was the largest party, its numbers were more modest. Between 1951-52 and 1977, the highest number of seats the party won was 371 in 1957, with more than 300 seats won in 1951-52, 1957, 1962 and 1971. However, in the 1977 elections after the Emergency, the Congress won just 154 seats. By 1980, the party had recovered to 353 seats. read more To find out why it is so hard to get over 400 points.
