Sensex plunge due to worries over stalling of reforms process of the central government
GN Bureau | February 9, 2015
Delhi elections results are going to be declared on Tuesday but the effects of exit polls after Saturday’s vote are being felt in the markets.
The S&P BSE Sensex closed 491 points lower at 28,227 with BSE's market capitalization just a tad over the psychologically important Rs 100 lakh crore mark. On the NSE, nifty lost 135 points to close at 8,526 on Monday morning. An average of five exit polls gave AAP 41 seats, BJP 27 and Congress 2 in the 70-member House.
Delhi polls: 67 per cent voter turnout recorded
For the record, Delhi overcame its lethargy and voted in large numbers to establish a new record at 67.08%. The Delhi polls should not cause panic as they are at best termed as state elections. But the worry of the markets is possible effects on the reforms process of the Modi government.
Many investors may act as a victory for Arvind Kejriwal-led AAP in Delhi would make it tougher for Prime Minister Narendra Modi to push through reforms — mainly in the areas of mining and labour — considered crucial for the recovery of business sentiments.
The opposition may again stall many bills in Rajya Sabha and slow down much needed push to the economy in the budget session.
The Delhi results may also boost Nitish Kumar to Mamata Banerjee, who have not shown much vigour in economic policies.
Meanwhile, ignoring the exit polls the BJP is going by the internal survey. It gives the BJP 36-39 seats. This survey was discussed at a meeting of the party on Sunday. There will be a close fight in some seats and this is a reason for optimism. In the last elections the BJP’s losing margin in 16 constituencies was very little.
Delhi BJP in-charge Prabhat Jha, BJP general secretary Ramlal, Delhi BJP president Satish Upadhyay, BJP's chief ministerial candidate Kiran Bedi and senior BJP leader V.K. Malhotra attended the meeting to assess the current political situation. All the BJP candidates for the Assembly polls were present in the meeting.
"We assessed the ground realities for each Assembly constituency. Based on people's feedback and assessment of candidates for their respective seats, we forecast that the BJP will form a government in Delhi under the leadership of Kiran Bedi. We are not talking about any particular number on February 10, when the results come out, but our forecast is that the BJP will definitely form the government," Upadhyay was quoted in media reports.
The Moral Contagion By Julia Hauser and Sarnath Banerjee HarperCollins, 140 pages, Rs 699 The world has lar
Addressing the Viksit Bharat Viksit Uttar Pradesh program in Lucknow on Monday, prime minister Narendra Modi launched 14,000 projects across the state, worth more than Rs 10 lakh crore at the fourth groundbreaking ceremony of UP Global Investors Summit held in February 2023. The projects relate to sectors
During the four days from Feb 16, more than a thousand birdwatchers throughout India are coming together with the goal of documenting as many birds as possible across the country’s diverse locations. Over one lakh birdwatchers globally participate in the annual Great Backyard Bird Coun
The Central Consumer Protection Authority has sought public comments on the ‘Draft Guidelines for Prevention of Misleading Advertisement in Coaching Sector’. The draft guidelines are placed on the website of the Department of Consumer Affairs and are accessible through the link:
In a landmark judgment, the Supreme Court of India has held the anonymous, unregulated and unlimited funding through electoral bonds and companies as unconstitutional. The five-judge Constitution Bench of the Supreme Court comprising chief justice DY Chandrachud and justices Sanjiv Khanna, B
The world is at the cusp of a revolution based on Industry 4.0 and green technologies, including AI, big data, IoT, EVs, solar power, etc., which offer developing countries the opportunity to leapfrog into economic prosperity. However, India’s gross expenditure on R&D (GERD) still stands at a mea