Reported 4 months ago
As exit polls indicate a strong victory for Prime Minister Narendra Modi's ruling party in India, state-run companies and infrastructure-related firms experienced significant gains in the stock market. Referred to as 'Modi Stocks,' these firms surged 6.2%, with predictions of policy continuity benefiting various sectors. Citigroup and Jefferies highlighted manufacturing and electric vehicles as potential beneficiaries, while the focus remains on the government's finances and upcoming budget plans. Notable performers included the Nifty Infrastructure index, state-owned companies like Power Finance Corp. Ltd., and businesses aligned with Modi's infrastructure initiatives, such as the Adani Group. The renewable energy sector, a focus of Modi's second term, also saw substantial gains.
Source: YAHOO