With BJP-led NDA government taking clear lead in the early vote count trends, benchmark indices Thursday traded higher in the early trade.
With BJP-led NDA government taking clear lead in the early vote count trends, benchmark indices Thursday traded higher in the early trade. The S&P BSE Sensex climbed as much as 600 points to hit fresh record high and the NSE Nifty 50 index surged nearly 170 points to touch a new high as early counting trends showed that Modi-led NDA was leading on over 250 seats. Sharing his market strategy, Vijay Kedia, MD, Kedia Securities, said that the banking sector may continue to lead the markets going ahead. However, the market veteran is not upbeat on the smaller banks. DCB Bank, RBL Bank, Federal Bank are the good bets, he also told ET Now. The investors may avoid cyclical stocks and look towards micaps ideas, he added. On the other hand, the top bets shared by Motilal Oswal include ICICI Bank, SBI, Maruti, Ultratech, L&T, Titan, Bharti Airtel, Coal India, Infosys, HDFC LIfe, Federal Bank, LIC Housing Finance, among others.
Sharing his economic outlook, Jonathan Garner of Morgan Stanley told ET Now that the Indian economy may go through cyclical trajectory post elections. The global investor also said that the interest rates would remain on a downward trajectory in the coming days. The economic reforms may continue if the Modi-led NDA government returns to power, Adrian Lim of Aberdeen Asset Management said, adding even as the fundamentals of the economy remain strong despite election verdict. The global investor is underweight on China and overweight on India.
Meanwhile on Wednesday, ace investor Porinju Veliyath had said that he expected a strong mandate for the Modi government may extend it further as new reforms would be introduced. The ongoing rally is not just the beginning of a fresh wave in the stock markets but also in the economy, ace investor Porinju Veliyath told ET Now. The broader rally is there to stay and may even last for two to five years, he had also said.