Is a Modi victory already factored in, in the current rally?
On 28th March, the Sensex closed at 22,340. Seven weeks later, the index was struggling at 22,344, until a monster 650-point rally pushed the Sensex to just shy of 23,000 when it somehow dawned on the market that Narendra Modi will lead the BJP to power and will deliver a strong and stable government—something that the market has been pining for, for the past five years. All this while, there was a sense that BJP may emerge as the most popular Party but will fail to cobble up enough seats to form the government. This seems remote now; but, frankly, nobody really knows what verdict this vast and diverse country will really give.
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