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'Markets Likely to Cheer BJP's Strong Show in UP, Uttarakhand'

Stock markets are expected to cheer the stunning victory of BJP in UP Assembly polls and may scale to new highs on hopes of further economic reforms, say experts.

Press Trust Of India

Updated:March 12, 2017, 2:26 PM IST
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'Markets Likely to Cheer BJP's Strong Show in UP, Uttarakhand'
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New Delhi: Stock markets are expected to cheer the stunning victory of BJP in UP Assembly polls and may scale to new highs on hopes of further economic reforms, say experts.

Although markets will remain shut on Monday for Holi, a strong market rally is expected in coming days.

"Markets are expected to break into a new zone with the BJP achieving a landslide victory in Uttar Pradesh and Uttarakhand. This win will help Prime Minister Modi more say in the Rajya Sabha and will take forward economic reforms," said Vijay Singhania, Founder-Director, Trade Smart Online.

"The election outcome in UP, the most populous state in the country, is being dubbed as the semi-final to the 2019 general elections. The win has the potential to boost the Modi-led NDA strength and could have a bearing on the Presidential elections later this year," Singhania added.

"The poll results will strengthen government's resolve to reform the economy and continue its tirade against blackmoney. International investor confidence in the India story should strengthen further. The markets should react positively in the near term paving the way for a new all-time high on the Sensex," said K Sandeep Nayak - ED and CEO at Centrum Broking.

"BJP's emphatic victory in the politically-crucial state of UP would embolden the Prime Minister in aggressively expediting key structural economic reforms that have been hobbling India's growth impulses," said Ajay Bodke, CEO & Chief Portfolio Manager - PMS, Prabhudas Lilladher.

Equity market would be rejoiced with this outcome and scale a new high ably supported by a torrent of domestic liquidity, he added.

"Such massive support to BJP shall further accelerate the reforms process and in turn bring in all round prosperity," said Jimmet Modi, CEO, Samco Securities.

"Overall, we foresee market benchmark indices making new high in this week after the big bang victory of the Modi government," said Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments.

Moreover, inflation data for February on Tuesday will also influence trading sentiment.

On global front, the US Federal Reserve is schedule to announce its next interest rate decision on Wednesday and any move to hike interest rates by the Fed will impact the emerging markets, including India, Singhania said.

"The Federal Reserve meeting in US would provide some direction to the markets this week," said Rakesh Tarway, Head of Research, Reliance Securities.

"Election results are likely to under deliver in terms of positive surprise as expectations for the final seat share is not much off from what the markets were pricing in on Friday.... A knee-jerk upside on Tuesday cannot be ruled out but it's sustainability purely based on the verdict is doubtful especially with a flurry of central banks, including FOMC's, rate decision," said Anand James - Chief Technical Officer at Geojit Financial Services.

"However, market is more forward looking now and weighing in the prospects of a good Q4 given the rebound following demonetisation," he added.

In terms of weekly performance, the Sensex advanced by 113.78 points, or 0.39 per cent, and the Nifty 37 points, or 0.41 per cent.

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| Edited by: Nitya Thirumalai
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