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Bihar Assembly election results may turn stock markets volatile

Victory of Nitish Kumar-led Grand Alliance, comprising of JDU, RJD and Congress, in Bihar is expected to have a bearing on the economic reform agenda of the BJP-led NDA government at the Centre.

Press Trust Of India

Updated:November 8, 2015, 2:43 PM IST
Bihar Assembly election results may turn stock markets volatile
Representative image

New Delhi: With the BJP-led NDA getting trounced in Bihar assembly polls, the stock market is expected to turn volatile, with experts anticipating a knee-jerk downward move on Monday.

Besides the election results of politically-important state, the last leg of quarterly earnings will have a bearing on stock-specific trading during the Diwali-shortened week, as per the analysts.

"The market was building on this outcome over the week gone by, with Nifty slipping below 8,000. We could see a knee-jerk reaction tomorrow and then a phase of recovery and consolidation over the Diwali-shortened week," Centrum Broking CEO K Sandeep Nayak said.

Victory of Nitish Kumar-led Grand Alliance, comprising of JDU, RJD and Congress, in Bihar is expected to have a bearing on the economic reform agenda of the BJP-led NDA government at the Centre as well as it does not have majority in the upper house of the Parliament.

"With Bihar behind us, markets would focus on the domestic front on the progress of GST and other pending Bills in the winter session of Parliament and the ask of the government on this front now stands elevated. On the international front, the market would keenly watch the US Fed's rate hike commentary/action," Nayak added.

Stock markets would remain closed on Wednesday and Thursday for Diwali Laxmi pujan and Diwali Balipratipada, except for a one-hour Muhurat trading on Wednesday evening.

CapitalVia Global Research's Vivek Gupta said, "Outcome of Bihar election, macroeconomic data, trend in global markets, investment by foreign investors, movement of the rupee against the dollar, CPI and IIP to be announced on November 12 and upcoming quarterly results will dictate the trend of the market in the near term."

Companies like Tata Power, REC, HPCL, Coal India and Hindalco will declare their quarterly results this week.

"Now, we will be seeing market reaction on the Bihar election result in early trade on Monday and that would set the tone for the rest of the session," Religare Securities President, Retail Distribution, Jayant Manglik said. Over the past week, the BSE benchmark Sensex had fallen by 391.59 points to 26,265.24.

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