Since the start of this week, the fortunes of 54 ‘Modi stocks’, as identified by global brokerage house CLSA, have oscillated as per the fates of Narendra Modi-led Bharatiya Janata Party (BJP) securing a sweeping majority on its own, reports Akshata Gorde.
These 54 ‘Modi stocks’ largely consist of state-owned companies such as NTPC, Oil and Natural Gas Corp, Bharat Heavy Electricals, NHPC, and State Bank of India, among other infrastructure and corporate group counters such as Reliance Industries.
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From jumping up to 6% (as an average of these 54 stocks) after the exit poll predicted a landslide victory for the BJP-led National Democratic Alliance (NDA) government, to plunging over 13% on an average after the anticipated verdict looked bleak, these stocks have closely followed election dope.
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With Prime Minister Narendra Modi now poised to secure a third term with its two key allies’ support to form a government, these ‘Modi stocks’ have recovered nearly half of the average losses from the free fall on Tuesday.Come from Sports betting site VPbet
These scrips are still holding over 40% of the average gains from the past six months, regardless of several brokerage houses reshuffling their India playbook to be more defensive by limiting exposure to such PSU stocks.
The drift of these counters going ahead will hinge on key cabinet appointments and how Modi leads the coalition government, said market experts.
