Market behaviour not tied to election outcome, says Templeton's Mark Mobius

MUMBAI: Unless BJP suffers a significant upset in the ongoing state elections, any adverse outcome will not lead to any big fall in the market, said Mark Mobius, executive chairman of Templeton Emerging Markets Group. In an interview with Sanam Mirchandani , Mobius said India is his most preferred emerging market after China.

Mobius felt that PM Modi may have lost a little bit of support because of the unhappiness on the currency changes.

“As people begin to realise that the reforms he is trying to implement are very good for the country, people will support him again,” he said.

Asked on whether there could be a significant fall in the market if the BJP fare below expectations, Mobius noted that the political consensus is towards reforms.

“A strong central government will be able to push through reforms a lot faster but even if that condition isn't there, the situation will still look very good because the consensus is certainly towards reforms regardless of what party we are talking about,” Mobius said, adding that: “It should not affect the market much assuming there is no significant upset. I am assuming there will be no big significant upset in the elections.”