The Modi magic seems to continue as far as the stock markets and the BSE Sensex is concerned. It seems that the markets are just in love with the Narendra Modi.
Ironically enough, ever since 14 February, 2014 (Valentine Day), the BSE Sensex has zoomed by nearly 23 per cent in the following 14 weeks. Earlier it was hope and expectations that fuelled the rally, post which expectations turned into hype – as more and more market players jumped into the rally.
And now, it’s time for the hope, hype and expectations to turn into reality. Little wonder, that the Sensex from levels of 20,300-odd levels at the end of week ended 14 February, 2014, zoomed past the 25,000-mark for the first time ever on the election counting day – 16 May, 2014 – the day counting took place for the 16th Lok Sabha elections – in which Narendra Modi led Bharatiya Janata Party (BJP) was elected as the un-disputed leader.
Simply speaking it was like a dream come true or a fairy tale victory for the Modi-government, for seldom we expectations of the multitudes turn into reality (Read: Sensex Zooms Past 25,000 as Poll Verdict on Expected Lines).
Today, 26 May, 2014, is now another big day in history – as the Sensex once again in early deals so far (0940 hrs IST) has soared past the 25,000-mark as Mr Narendra Modi – to be Prime Minister of India – is set to take oath at 1800 hrs IST later today.
Narendra Modi, born on 17 September, 1950, will be India’s 15th Prime Minister. He will be India’s first prime minister born after the country’s independence.
In a first of its kind, Modi has invited all SAARC leaders to attend his swearing-in ceremony. Pakistan Prime Minister Nawaz Sharif, Sri Lankan President Mahinda Rajapaksa, Afghanistan President Hamid Karzai, Bhutan Prime Minister Tshering Tobgay, Nepal Prime Minister Sushil Koirala, Maldives President Abdulla Yameen Abdul Gayoom and Mauritius Prime Minister Navin Ramgoolam are some of the confirmed attendees for the evening ceremony.
Apart from the oath taking ceremony, Modi government will also unveil the list of key cabinet portfolios – like finance, home, defence etc. As per some media – reports Arun Jaitley seems to be the front-runner for the key finance portfolio.
As of 1010 hrs IST, India’s Bombay Stock Exchange (BSE) barometer is trading above the 25,000-mark, having gained 310 points. The way ahead for Sensex will depend on what Modi and his team plan and execute in the coming months.