PM Modi says election results boosted domestic capital markets, generated enthusiasm in world

Jul 03, 2024 01:31 PM IST

Prime Minister Narendra Modi thanked people of the country saying that they rejected politics of deceit and propaganda while choosing to bank politics of trust in the recently concluded Lok Sabha elections. Addressing the Rajya Sabha, the prime minister said during his reply to the Motion of Thanks on President’s Address, “We feel proud of the wisdom and intelligence of the people of this country, in these elections. They defeated propaganda. They prioritised performance. They rejected the politics of deceit and put a stamp of victory on the politics of trust.”

Read more: Sensex gains 3,000 points since Modi 3.0 took oath, at 80,000 in 85 days

What PM Modi said on stock market

Reflecting on the stock markets, PM Modi said, “Election results have not only boosted domestic capital markets, but also generated enthusiasm in world.”

This comes as BSE Sensex touched a record high of 80,000 in today’s session, rising from 75,000 in less than three months amid strong investor confidence and economic optimism. The rally gained significant momentum following the oath ceremony of Prime Minister Narendra Modi on June 9 after which Sensex hit the 77,000 mark the very next day.

Read more: Koo, India’s social media app, is shutting down as Dailyhunt talks fail: Report

Sensex’s upward trajectory began on April 9 when the benchmark index first touched the 75,000 milestone. It then climbed steadily reaching 76,000 points on May 27. On June 10, less than a month after reaching 76,000, the Sensex hit another high, crossing the 77,000 mark. In just 15 days on June 25, the index breached the 78,000 mark and surged to 79,000 points in two days.

Read more: Sensex soars above 80,000 mark for the first time: What’s fueling the rally?

What PM Modi had said on stock market ahead of Lok Sabha election results?

While campaigning for the Lok Sabha elections, PM Modi said that the stock market would hit record highs after election results were declared. “You will see that within one week after June 4, the day election results are to be declared, market participants will get tired. I can say with confidence that on June 4, as BJP hits record numbers, the stock market will also hit new record highs.”