Here's a look at what analysts said on the movement of market today post Maharashtra election results. Here's a look at what analysts said on the movement of market today post Maharashtra election results. Here's a look at what analysts said on the movement of market today post Maharashtra election results. The better-than-expected results in Maharashtra Assembly Elections for the BJP-led Mahayuti alliance has set the course for market rally in the near term, say analysts. The Mahayuti alliance won 235 of the 288 assembly seats, with the BJP winning 132 seats on its own.
The stock market will most likely extend its rally today. On Friday, Sensex zoomed 1,961 pts to close at 79,117 and Nifty added 557 pts to 23,907 expecting a stellar show from BJP in the recently concluded state elections.
Here's a look at what analysts said on the movement of market today post Maharashtra election results.
Palka Arora Chopra, Director of Master Capital Services said, "This result is expected to provide political stability, positively impacting investor sentiment, especially in infrastructure, urban development, and manufacturing sectors aligned with BJP policies. The stability in Maharashtra could trigger a rally in the stock market, boosting investor confidence due to the continuity of pro-business policies, especially after uncertainty following previous coalition shifts. Furthermore, with a clear mandate, the government is likely to push forward with infrastructure projects, a key focus of the BJP, which would benefit the construction, real estate, and related sectors."
Narendra Solanki, Head Fundamental Research - Investment Services, Anand Rathi Shares and Stock Brokers said, "The outcome of Maharashtra elections are definitely unexpected as the incumbent coalition has not only returned to power but with an overwhelming majority. This was above expectations and could definitely add to the optimism for the markets. I think the return of incumbent govt was partially priced in on the Friday where we saw strong rally but this overwhelming majority may also add some legs on Monday as well for the markets. Overall, it's positive for the markets."
Abhijeet, an independent Sebi-registered reserach analyst said, "Nifty looks bullish with strong support at 23,607 on the Daily charts. Due to the Maharashtra election results which could create a positive sentiment, a test of Daily resistance of 24,337 is possible in Nifty."
Pranay Aggarwal, CEO, Stoxkart said, "With India setting its sight to be a $5 trillion economy in the next few years, Maharashtra as an engine of this growth story aims to be $1 trillion economy. Hence, political stability in the state is crucial for Indian markets given its economic clout and significance. Contributing 15 percent to India’s GDP and 20 percent of industrial output, the state accounts for 3.6 crore or 18 percent of the demat accounts out of the total of 20 crore demat accounts registered to NSE. As a key industrial hub, the political stability in Maharashtra will signal broader national trends, shaping market dynamics and policy predictability with ease for FDI and Make in India initiatives that will influence investor confidence and drive market sentiment and industrial growth together."