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Markets retreat after touching record highs
Fri, 16 May Closing

Maintaining undeterred buoyancy on the day of election outcome, the Indian equity markets closed on a firm note. However, the Indian indices trimmed gains in the last few hours of trade on account of profit-booking. Nonetheless, a formidable NDA victory has created positive sentiments across sectors. The BJP-led NDA leading with 333 seats out of total 543, is all set to form a single party government, the first-of-its kind in the last 30 years of the Indian history.

The BSE-Sensex was up by 216 points, closing higher than 24,000 mark. The NSE-Nifty also moved north and was up 80 points. The BSE Mid Cap and BSE Small Cap indices have also outperformed and were up by 1.9% and 1.5% each. At the time of writing, the rupee was trading at 58.92 to the US dollar.

Stocks from banking, realty and power space closed the day on an optimistic note over the hopes of quick economic revival led by the new Modi government. However, stocks from the IT, FMCG and healthcare space have lost ground and closed in red today.

While the Modi-wave has already engulfed the domestic and foreign investors alike, all eyes are now on how the new Government faces economic challenges ahead of it. Other critical aspect to look forward to will also be the relationship between the new government in power and the Central bank in light of growth-inflation dynamics. That said, restoring India's long term economic growth trajectory and a manufacturing turnaround remains the priority for now.

Do you think the new BJP-led NDA government will succeed in turning the fortunes of Indian economy? If yes, how soon do you expect this to happen? Share your views in Equitymaster Club.

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