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Although the rally in the stock market may have been sharper before the results of the parliamentary elections were known, indices continue to scale new highs, 100 days after it was clear the BJP had won itself a majority, reports Jash Kriplani in Mumbai.
The 50-scrip Nifty on Friday scaled yet another peak crossing 7,900 even though there havent really been any big bang reform announcements. The Street continues to bet on the India story despite gas prices not having been raised, diesel not having been deregulated or the FDI cap for insurance not having gone up to 49%.
Indeed, although corporate results for the June quarter have been mediocre and theres been little headway on GST, foreign institutional investors (FIIs) have continued to buy into stocks adding nearly $6 billion worth of equities in the 100 days, post the poll results. Thats close to half the quantum bought in 2014.
While the total market turnover (F&O + Cash) touched an all-time high of Rs 6.82 lakh crore during the 100 days cyclicals which were leading the pre-election rally, lost part of the momentum in the last three months. For example, sectors like capital goods and real estate which clocked in gains of 25%-27% 100 days prior to the poll results have yielded 14% and 21% since the government came in power. While the Sensex has gained over 10% in the 100 days post the results, it had surged 18% in the 100 days leading upto to the poll results.