Thursday, 27 July 2017

Sensex hits record highs as Nitish Kumar takes oath; BJP road to 2019 elections looks clear

The Indian market woke up to strong cues from both global and domestic factors which took benchmark indices to record highs in opening trade. The Sensex rallied over 200 points to hit a record high of 32,621.42 while Nifty50 rose to a fresh life high of 10,098.35 in first 60-minutes of trade.
The US Federal Reserve left interest rates unchanged in its 2-day policy meet which concluded overnight and back home there was positive news on the political front.
Nitish Kumar, Bihar Chief Minister resigned on Wednesday, dumping its ally, RJD, over corruption charges against his deputy Tejashwi Yadav. Hours after the news was announced, BJP announced its support to Kumar to form the government—a positive for investors and markets.
Bihar was a key state for the BJP if they want to make a comeback in 2019 elections and now by forming the government with Nitish Kumar removed any roadblock for the Modi-government, helping investor sentiment.

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