The stock market has closed on a positive note a day after the Budget announcement nine times in the past 13 years. However, on July 11, 2014, a day after when Arun Jaitley has presented his first budget, Sensex hasn’t responded favourably to his pragmatic budget.
From Sept. 13 - the day the BJP nominated Modi as its prime ministerial candidate - through Friday, the National Stock Exchange, India`s biggest bourse, surged 17 percent, compared with only a 4 percent gain for the MSCI Asia-Pacific index excluding Japan.
The rally in Dalal Street may continue if a stable government is formed at the Centre, but major gains are unlikely as markets have already factored in poll outcome partly as visible from recent rise in indices.
Top two stock markets will have a special 90-minute trading session on Saturday, to enable the National Stock Exchange test an upgraded trading system, the NSE and the Bombay Stock Exchange said on their websites.
A better-than-expected industrial growth for November and promising third quarter earnings by trend-setter Infosys failed to cheer the markets and the benchmark Sensex on Tuesday closed down by over 100 points.
The Bombay Stock Exchange benchmark index Sensex on Tuesday surged by over 127 points to touch a 23-month high on sustained buying by funds in heavyweight stocks led by metals, mostly copper and aluminium stocks.