Stock market today: Following the Opening Bell’s muted start, TDP leader N Chandrababu Naidu pledged his party’s allegiance to the NDA following the outcome of the Lok Sabha Election, which greatly bolstered the Indian stock market. “The TDP is firmly with the NDA,” declared the party’s head.
A reversal of trend on Dalal Street?
Bulls arrived in force and began bottom fishing at lower levels after the TDP leader dispelled the rumors about his departure following the BJP’s inability to secure the requisite magic number in the Lok Sabha Election outcome. The Nifty 50 index increased by more than 2 percent during the day, reaching a height of 22,445 points. The BSE Sensex reached an intraday high of 73,851 today, up around 1.90 percent from Tuesday’s close of 72,079.
Shortly after the TDP leader’s statement, the Bank Nifty index reached an intraday high of 48,000.Avinash Gorakshkar, Head of Research at Profitmart Securities, explained why the Indian stock market surged following the TDP leader’s remarks by saying, “The results of the Lok Sabha Election were below market estimates as it was expecting a strong BJP-led government for the third time. But in almost twenty seats, the BJP was unable to secure an absolute majority. Rumors concerning the involvement of TDP and other coalition partners in the aftermath of the outcome were sparked by this.
According to Gorakshkar, investors’ doubts were allayed by the TDP leader’s remarks, which dispelled the rumors about the administration.
Sumeet Bagadia, Executive Director at Choice Broking, advised traders and investors to trade cautiously during this bounce, saying, “The Nifty 50 index has breached the immediate hurdle placed at 22,100 to ₹22,200 mark, but this should not be taken as a trend reversal on Dalal Street.” We must wait a little while longer since the market might turn bullish once the closing 50-stock index closes over its critical level of 22,500.”
What did the TDP leader say?
Speaking to the media following the historic election of the BJP-led NDA government in New Delhi to a third consecutive term, TDP leader N Chandrababu Naidu declared his unwavering support for the NDA. . He said that the voters of Andhra Pradesh have given their verdict for a better Andhra and both the TDP and the BJP are working together to meet the expectations of the voters.
