Nifty Reaches New Hights As PM Modi Predicts BJP’s Win

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.

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.

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.