The most awaited general election 2019 results have been declared and Modi government is back with thumping majority. The 2nd term of NDA will now work towards the implementation of reforms that have been initiated in the first term to generate economic growth. However, the government will have to address a few key challenges too like presenting a balanced budget, addressing NBFC issues, unemployment and measures to arrest consumption slowdown. Markets cheered as indices hit a fresh lifetime high after a rocking show by BJP. Investors and traders did prefer to book some profits on the election verdict day, however, saw a strong come back on Friday.
For the week, NSE Nifty ended higher by 4%, while BSE Sensex rose by 4%.
Results continued to flow during the week and results of index heavyweights like IndusInd Bank, Tech Mahindra, Tata Motors turned out to be disappointing. On the other hand, pharma major Cipla came out with results that were better than expected.
The Nifty Midcap 100 and the Smallcap 100 index both witnessed renewed buying momentum as both the indices outperformed the benchmark indices. The broader indices going forward are likely to outperform and could see decent buying momentum in the coming weeks.
Infrastructure index skyrocketed by 9%, Bank Nifty shot up by 6%, Realty index was up by 4.4%, Energy and Auto index rose by 4.5% each, Metals index gained by 3%, Midcap index gained by 2.2%, IT index edged higher by 0.2% and FMCG index ended almost unchanged.