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  • December 16, 2013

India’s Financial Markets Celebrated BJP Victory

Along with BJP’s victory in 4 states, this Monday, the nation’s financial markets rejoiced too. In the hopes of BJP in the central government, the share market showed a considerable rise with the poll results. Foreign markets maintained that the investors should be patient with the markets and therefore not take any hasty decisions.
 
As expected, the nation’s financial markets opened with a jump start this Monday. Bombay Stock Exchange (BSE) SENSEX gained momentum with 487.21 points in the trading day, reaching the highest level of 21483.74. However, later, under pressure, the SENSEX came down 329.89 points (1.57%) and closed at 21326.42 points. National Stock Exchange’s NIFTY also similarly jumped 104 points (1.66%) and closed at 6363.90 points. 99 shares reached their highest in one year.
    
Three days after the Assembly elections, exit polls trends in the stock market recorded rapid development.  Rupee value also saw the BJP hues with victory. Compared to the USD, Rupee saw a strong rise since the last four months and gained the level of Rs. 60.90. At market closing, with an increase of Paise .28, rupee reached at Rs. 61.14 per USD. As per market experts and analysts this increase is mainly due to foreign investment.
   
Many foreign experts have stated that a stable government formed by the BJP, can help India's economy gain momentum.

 

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