Tuesday, June 22, 2021
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Sensex on a roll

Election results in States have brought good news and it has given a boost to sensex as well. Sensex took the cue from the resounding BJP win in UP and Jharkhand and the do or die effort to save both Goa and Manipur all played to give rupee, Nifty and the Sensex on a roll. The biggest gain saw Nifty 50 hitting a lifetime high on hopes that the government will push more reforms in near future after capturing power in UP, Jharkhand and Manipur. These assembly elections were considered a precursor to the next parliamentary polls in the year 2019, as it was widely seen as referendum on the government’s decision to demonetise old 500 and 1000 notes. It was a victory for Prime Minister Narendra Modi and Amit Shah to upset the applecart and thereby encourage the market to cheer up. The rupee rose by 78 paise against the dollar as good results by BJP in the just concluded Assembly polls buoyed market sentiment. The sensex rose 1.71% to close at its all time high of 9087 point to finish at 2 year high at 29442.63. It is a resounding increase and the government achieved what they wanted as people repose faith on Modi government.

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