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Business News/ Markets / Stock Markets/  Amit Shah predicts THIS for Indian stock market after Lok Sabha election results
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Amit Shah predicts THIS for Indian stock market after Lok Sabha election results

Nifty 50 hit its all-time high on May 3 and has dropped more than 4% since then. However, the index is still up more than 12% over the past six months and nearly 20% in the past one year.

Despite the recent fall, the Home Minister Amit Shah remains optimistic on the Indian stock market and isn’t too worried about the decline. (Photo: PTI)Premium
Despite the recent fall, the Home Minister Amit Shah remains optimistic on the Indian stock market and isn’t too worried about the decline. (Photo: PTI)

The Indian stock market will “shoot up" after the Lok Sabha elections 2024 are announced on June 4, Union Home Minister Amit Shah said in an interview with a TV channel. While the benchmark Nifty 50 has fallen over 4% from its record high level, Shah believes linking market movements directly to elections is not wise.

“The market has fallen more in the past as well. Thus, linking market movements directly to elections is not wise. Maybe the fall was due to some rumours. In my opinion, buy before June 4. The market is going to shoot-up," Shah told NDTV India in an interview.

The frontline index Nifty 50 hit its all-time high on May 3 and has dropped more than 4% since then. However, the index is still up more than 12% over the past six months and nearly 20% in the past one year.

Also Read: ‘Market expecting positive end to the elections’

Despite the recent fall, the Home Minister remains optimistic on the Indian stock market and isn’t too worried about the decline, said the NDTV report.

“Whenever there is a steady government, markets do well. Modiji is coming back as the prime minister for the third time," he told the news channel.

Shah has projected his Bhartiya Janata Party (BJP) to win 190 seats out of the 283 seats polled so far in three out of seven phases of Lok Sabha 2024 elections.

Meanwhile, the Indian stock market continued its downward trajectory on Monday, May 13, when the voting is currently underway in 96 seats during the fourth phase of Lok Sabha elections.

Read here: Stock market crash: Why is Indian stock market down today? — explained with 5 major reasons

The share market is down today on the back of a combination of several factors including a spike in volatility, unimpressive Q4 results, ongoing Lok Sabha elections and sustained selling by FIIs. A low voter turnout so far has hit investor confidence, resulting in a bearish market sentiment, as analysts believe this would hurt the ruling BJP’s performance in the election.

On Monday, the Indian stock market succumbed to selling pressure as frontline indices lost up to 1% each in early morning session. At 11:40 am, the Sensex was trading 298.44 points, or 0.41%, lower at 72,366.03, while the Nifty 50 was down 75.15 points, or 0.34%, at 21,980.05.

Broader markets witnessed more intensified selling as the smallcap and midcap indices declined up to 1.5% each during morning deals. Meanwhile, the India VIX today witnessed a sharp rise and touched a new 52-week high of 21.41.

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Published: 13 May 2024, 11:43 AM IST
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