Following Prime Minister Narendra Modi’s optimistic forecast of a significant victory for the BJP in the impending elections and his anticipation of record-breaking stock market performances on June 4, the Nifty index surpassed the 22,800 milestone for the first time during Thursday’s trading session. The Nifty index soared to an unprecedented high of 22,852, while the Sensex also surged to 74,917, just shy of its peak at 75,124.
🚨 Nifty can give double-digit returns in 2024 if the BJP gets 290+ seats, according to global brokerage firm Bernstein.
— Indian Tech & Infra (@IndianTechGuide) May 23, 2024
In an interview, PM Modi hinted at forthcoming milestones in the financial markets, stating, “June 4 will be a day to watch; the masterminds behind the stock market will witness unprecedented activity.” He suggested that the financial markets would witness remarkable achievements post-June 4, the day designated for the Election Commission to tally the votes from the seven-phase Lok Sabha elections.
Today (May 23) both indices experienced remarkable surges to their record highs following a subdued opening. The Nifty index commenced at 22,614 points, and the Sensex kicked off at 74,253 points. All indices in the broader market displayed green openings with slight gains.
Nifty broken the all time 🔥 high
First sign BJP getting 300+ seat
Jaise step by step Nifty uper chalta jayega waise waise 💺Seat increase hogi.
💠 Example : Nifty will cross 23000+ then Seat 320+…, Nifty will cross 23400+ then Seat 340+ pic.twitter.com/Nu5BqK2Obx
— Bhagirath Sutariya (@Bhagirathsutar) May 23, 2024
Market analysts noted that Indian indices exhibited a mixed performance in the previous week amidst the ongoing elections, but investor confidence in the Indian market is surging as the result date draws near.
“Indian markets have defied subdued global trends to reclaim previous highs today after 14 days of the previous peak. Financials led the charge today, benefiting from the RBI’s announcement of a dividend higher than estimated to the Union government,” remarked Ajay Bagga, an expert in banking and market affairs.
Across Asian markets, trading was varied, with Japan’s Nikkei 225 ascending by 1.3 per cent and Taiwan Weighted climbing by 55 points on robust Nvidia earnings, while Hong Kong’s Hang Seng plummeted by more than 1 per cent.
The US tech giant Nvidia reported its Q1 earnings on Thursday, unveiling a remarkable surge in net income to USD 14.88 billion, up from USD 2.04 billion the previous year, with revenue tripling to USD 26.04 billion.
