Outcome of results digested and bounced back suggest markets poised for gains
Arun Kejriwal
Markets opened substantially weak and the BSESENSEX was down 533 points on Tuesday morning. This was after the resignation of RBI Governor Urjit Patel on Monday evening and the election trends, counting for which began in the morning. Market digested the results and the resignation and closed with decent gains of 190 points. Bond yields stayed unchanged.
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Markets recovered and were able to overcome the twin events of the resignation and the poor show by BJP. This is not necessarily the end of the road for the ruling party. It is a wake-up call and there are six months to address the issues. One is likely to see some quick measures to address the issues in the coming days.
Seeing the market recover, it clearly shows that markets are poised for gains in the coming days and weeks. The macro picture looks good, and makes sense to invest in markets with a medium-term perspective. The fear of a coalition of 20-odd parties looks difficult with these results and that is a significant relief for the market.
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