Amit Shah Predicts Market Rise on June 4, Sees No Poll Link

by | May 13, 2024 | 0 comments

The seniour BJP leader Amit Shah suggested, ‘Even if the prevailing dip of the market is spurred on by polls related assumptions, consider buying stocks before June 4… they are projected to bounce back powerfully.’

It’s not strange for stock markets to fluctuate and should not be linked to the ongoing Lok Sabha elections, said Union Home Minister Amit Shah on May 13. “There is no association between poll results and the market performance,” Shah told NDTV Profit in an interview.

Amit Shah added that speculation by investors could have caused volatility but he immediately denied it and expressed confidence about the future of the market and BJP’s chances of winning in general election later this year. “Even if there has been some weakness due to speculation buy stocks before June 4…they are expected to rise considerably.”

The market lost approximately 0.7 percent on May 13 due to negative global cues. BSE Sensex fell by 509.48 points at Rs 72154.99, down 0.7% in early trading, while Nifty 50 was trading at a fall of 0.65% at Rs. 21911.3.The India VIX jumped nearly fourteen percent up at twenty one point zero five which is its highest level since October twenty-two.

Over the past six months, however, the Nifty fifty has gained twelve per cent, while it has increased almost twenty percent over last year.

Foreign portfolio investors have withdrawn INR 17,083 crore ($2.05 billion) from Indian equities during this month’s first seven sessions – their biggest monthly outflow since January; whereas they invested $ 4.2bn in March after selling $1bn of shares last month, according Thomson Reuters data.

In these three phases so far voter turnout has been lower than what was registered in the previous election held in 2019: Phase I had a turnout of 66.14%, phase II had a turnout of 66.71% while turnout were reported at being around Phase III with an electoral turnouts recorded as seen Phase III showing a dip with around 65%.

On May thirteen voting for fourth phase began in ten states and union territories covering 96 Lok Sabha constituencies.

Earlier in an interview with Network18, Amit Shah said that Indian economy and stock market have improved significantly under the leadership of Prime Minister Narendra Modi. “While FIIs were net sellers, Indian mutual funds (MFs) have been very strong supporters of the market. The PLI scheme has made India a global hub for manufacturing.

New start-ups are being registered every day, companies are filing patents and there are numerous self-employment opportunities. Banks have strong financial health indicators while industrial growth metrics are at their highest level in twenty five years,” he went on to say.

He further noted that India is poised to lead sectors important for the world economy over next quarter century including green hydrogen and semiconductor fabrications.

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