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Brokerage firms give BJP a thumping majority, markets ‘poised’ for a rally on Monday

Brokerage firms give BJP a thumping majority, markets 'poised' for a rally on Monday

New Delhi, June 1 (SocialNews.XYZ) As the voting for the seventh and final phase of the Lok Sabha elections concluded on Saturday, brokerage firms predicted absolute majority for the Bharatiya Janata Party (BJP), even bettering its last-time tally of 303 seats as the single-largest party.

Financial services provider Choice International has predicted 336 seats for the BJP, giving it 72 seats in Uttar Pradesh (from 62 in 2019).


In the poll prediction by Kamal Poddar, the firm's managing director, the BJP is likely to win 22 seats in Maharashtra (from 23 seats in 2019); 27 seats in West Bengal (the BJP had won 18 seats last time) and 27 seats in Madhya Pradesh (from 28 last time).

In Tamil Nadu, the BJP is projected to win 5 seats (from nil in 2019) and 17 seats in Bihar (same as last time).

While the party is projected to win 21 seats in Rajasthan (a loss of 3 seats from the 2019 tally), it is expected to win 21 seats in Karnataka (from 25 in 2019), according to Poddar.

In Gujarat, the BJP is likely to once again sweep all 26 seats.

In Delhi, the party is likely to again sweep all seven seats while Punjab may give it three seats this time (from two in 2019).

While Telangana is likely to give the BJP seven seats -- from four in 2019 polls -- Jharkhand appears to hand over 11 seats to the party, just like in 2019.

According to Dr. V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, Exit Poll results which indicate clear victory for the NDA with around 360 seats completely removes the so-called election jitters which have been weighing on markets last month.

"This comes as a shot in the arm for the bulls who will trigger a big rally in the market on Monday. Large-caps in financials, capital goods, automobiles and telecom are likely to lead the rally," he said.

The bulls will be further emboldened by the better-than-expected 8.2 per cent growth in the GDP numbers (for FY24).

"Technically and fundamentally, the market is poised for a rally," said Vijayakumar.

Source: IANS

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Brokerage firms give BJP a thumping majority, markets 'poised' for a rally on Monday

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