Lok Sabha Elections 2024: Nifty Touches All-time High After PM Modi Predicts NDA’s Historic Win

Stock market update: In a historic announcement amid the Lok Sabha Elections going on in the country, Prime Minister Narendra Modi predicted a historic win for the BJP-led NDA government in the upcoming election and forecasted record highs for the stock markets on June 4. As a result of his big political claim, the benchmark Nifty index crossed the 22,800 mark for the first time during Thursday’s session, as per a report by news agency ANI.
The Nifty index reached a new high of 22,852, while the Sensex surged to 74,917, slightly below its all-time high of 75,124.
PM Modi said in an interview, “Wait and watch on June 4; the programmers behind the stock market will get tired of the action.” He indicated that the financial markets would set new records after June 4, the day the Election Commission will count the votes in the seven-phase Lok Sabha elections.
On Thursday, both indices surged to record highs after a flat opening. The Nifty index started at 22,614 points, and the Sensex began at 74,253 points. All indices in the broader market opened in green with marginal gains.
Indian indices had shown mixed performance over the previous week amid the ongoing elections, but investor confidence in the Indian market is rising as the result date approaches, as per market experts quoted in a report by news agency ANI.
“Indian markets have defied muted global trends to recapture previous highs today after 14 days of the previous high. Financials were at the forefront today, benefiting from the RBI announcement of a higher-than-estimated dividend to the Union government,” said Ajay Bagga, a banking and market expert.
Asian markets saw mixed trading, with Japan’s Nikkei 225 up 1.3 per cent and Taiwan weighted up by 55 points on strong Nvidia earnings, while Hong Kong’s Hang Seng fell more than 1 per cent. The US tech company Nvidia’s Q1 earnings, posted on Thursday, showed net income surged to USD 14.88 billion, up from USD 2.04 billion a year earlier, with revenue tripling to USD 26.04 billion.
PM Modi Working On ‘One nation, One leader’ Special Project: Arvind Kejriwal
Delhi Chief Minister Arvind Kejriwal alleged on Wednesday that Prime Minister Narendra Modi is working on a special project of ‘one nation, one leader’ and claimed that what was happening with the AAP is an experiment that will be replicated with other opposition parties.
Addressing the Adhivakta Sammelan organised by the Aam Aadmi Party (AAP) legal cell, Kejriwal, who is out on interim bail till June 1, appealed to the lawyers to “save the country.”.
“I have no personal grudge against Prime Minister Modi. Ensure that PM Modi does not form government again. Lawyers contributed in a big way to the freedom struggle. Mahatma Gandhi, Jawaharlal Nehru, Baba Saheb Ambedkar, Moti Lal Nehru—all of them were lawyers.
“There is little time left. Whatever you can do for campaigning in Delhi and across the country, please participate,” he said.
Kejriwal told the gathering that he was not there to ask for votes but to appeal to them to “save the country.”.
“What is happening in the country is dangerous. They arrested me. The PM is working on a special project, ‘one nation one leader’,” he said.
Kejriwal said the opposition leaders who speak against him will be put in jail. He named former Jharkhand chief minister Hemant Soren, former Delhi ministers Satyendar Jain and Manish Sisodia and himself, who were put behind bars.
“They have put many ministers of West Bengal Chief Minister Mamata Didi (Banerjee) in jail. They can put Tejashwi Yadav or Pinaryai Vijayan in jail. No opposition chief minister will be left. They split the NCP and the Shiv Sena in two parts,” he alleged.
The chief minister said in Russia, President Vladimir Putin either imprisoned the opposition leaders or got them killed and won the elections. Likewise, Bangladesh Prime Minister Sheikh Hasina put the opposition leaders in jail in Bangladesh and won with a majority.
(With inputs from agencies)