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Sanjeev Zarbade, Vice President- Private Client Group Research, Kotak Securities:
The cyclicals did well whereas the defensive sectors largely underperformed as markets became more optimistic on the long – term domestic growth story. BSE Bank and Capital Goods indices were the leaders in trade today as the benchmarks touched all-time highs. Other notable gainers included Realty, PSU, Oil and Gas, Power, Auto and Metal indices.
Going forward, the focus of the market would again shift to the FOMC meeting and expectations about the US Fed taper program, in the wake of strong economic data from that economy. Markets will also watch out for other domestic issues like Inflation and RBI’s take on interest rates. Further rise in crude price may act as a dampener.
Vivek Gupta, Director Research, CapitalVia Global Research Limited:
As expected the markets had a good gap up opening. This is an important day for the markets as it has broken the all-time high after it had taken the resistance from the levels of 6357 several times. Technically this is a very bullish indication and market should continue the uprise as both the technical and political aspects are giving positive signals for the economy. A 10-15% is a minimum threshold move which market generally gives further after breaking the levels as important as an all-time high.
Investors should bet on sectors like capital goods, PSU banks which were bitten down but now they are the place where investors will get their money on to ride the bull market. The BJP dominance over the four states is an early indication of what can happen in the deciding round of elections going forward and market would definitely try