Elections 2019: How BJP's impending victory has surprised even the bulls

The opposition United Progressive Alliance, led by Rahul Gandhi's Congress party, was leading in 111 seats

Prime Minister Narendra Modi’s BJP was set for a historic victory as India counted hundreds of millions of votes from its general election on Thursday.

The National Democratic Alliance (NDA), led by Bharatiya Janata Party (BJP), was ahead in 324 seats, broadcaster NDTV said.

The opposition United Progressive Alliance, led by Rahul Gandhi-led Congress party, was leading in 111 seats.

Indian stock markets surged ahead of a possible Modi win.

At 0525 GMT, the broader NSE index was up 2% for the day. The rupee was trading at 69.5 to the dollar, stronger than the 69.67 close on Wednesday.

COMMENTARY
 

JAGANNADHAM THUNUGUNTLA, RESEARCH HEAD, CENTRUM WEALTH, MUMBAI

“The thumping victory for BJP as per the early trends surpassing its winning tally of 2014 has pleasantly surprised even the bulls ... the continuation of policies and reforms is an added comfort ... the narrative should come back to employment, economy and earnings.”

SACHIN SHAH, FUND MANAGER, EMKAY INVESTMENT MANAGERS, MUMBAI

“At a time when there is uncertainty over economic growth, political stability and continuity allow an economy to progress and rise above hurdles over a period of time. So this outcome offers hope that policy reforms will go in the right direction.”

R. SIVAKUMAR, HEAD OF FIXED INCOME, AXIS MUTUAL FUND, MUMBAI

“Investors globally are positive when there is stability in any country. For global investors, political stability and continuity is an important factor while taking a view on investing in any country. This will keep India on the radar of global equity investors.”

RAJEEV PAWAR, HEAD OF INVESTMENTS, EDELWEISS FINANCIAL, MUMBAI

“As expected markets have rallied but for this rally to be sustained concrete steps are needed to address liquidity and credit stress. Revival, reflation and reform should be the mantra going ahead.”

ARVIND MAYARAM, INDIA’S FORMER FINANCE SECRETARY, NEW DELHI

“Global head winds are gathering and internally fundamentals of the economy are weak. Unless there is a major paradigm shift in designing economic policies, whoever forms the government, the country’s economy will run into very rough weather.”

ABHISHEK MANU SINGHVI, LEADER, CONGRESS PARTY
 

“Rahul Gandhi has led from the front ... he fought a very good election. We have to bow down to the electorate’s mandate,” Singhvi told NDTV.

RITESH JAIN, FORMER CIO, BNP PARIBAS ASSET MANAGEMENT, VANCOUVER

“We need a solid reform process, which is a long-term process, and monetary policy support to shore up liquidity in the system ... the consumption boom is tapering down, you need an investment boom, and the result of this election will at least open up that foreign capital to invest in our economy.”