Market on Assembly Election Results 2023: As the Bharatiya Janata Party (BJP) is leading in Assembly polls in three out of four states including Madhya Pradesh, Rajasthan and Chhattisgarh, stock market experts believe that the saffron party getting a majority in three states (which is very likely as per current trends) is positive for the market.
Before the election results in four states, the market also predicted that BJP will form government in two states including MP, Rajasthan but Chhattisgarh has been a bit of a surprise. Assembly election results will impact the market opening on Monday as it's likely that it will touch new heights, experts believe.
Nifty likely to see jump of 200 points on Monday
Founder of Tradeswift broking firm and veteran market expert Sandeep Jain told India TV that the stock market was running assuming BJP's victory in Rajasthan and Madhya Pradesh. Due to this, there was a rise on Friday and but no one had anticipated that it would remain ahead in Chhattisgarh. It's effect will be visible on the market from Monday. A good rise can be seen in the market and a jump of at least 200 points can be seen in Nifty. Let us tell you that last week the Sensex rose by 1,511.15 points while Nifty rose by 473.2 points. On Friday, Nifty had closed at an all-time high of 20,267.90, up 134.75 points.
Investor confidence will become stronger
Pravesh Gaur, Senior Technical Analyst, Swastika Investment Limited said that the global market is in an excellent position at the moment. The US 10-year bond yield and weakening dollar index provide strength to the market. These will be closely monitored as they have the potential to impact market sentiment. Along with this, Gaur said that the market is eagerly waiting for the results of the assembly elections in five states. He said a stable political environment could boost investor confidence and lift the market higher. Now that the election results have come and the picture has become clear, there will be a good rise in the market.
If BJP loses, market will fall by 25 per cent
Veteran stock market investor Chris Wood, speaking at a press conference in Mumbai, said that if the BJP suffer an unexpected defeat in 2024 General Elections, the market could fall by 25 per cent or more.