Indian shares seen opening slightly higher as Modi set for third term
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 06 2024
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Source: reuters
- Indian Stock Market: Indian shares expected to open slightly higher after Modi's re-election for a third term; Nifty 50 and Sensex surged over 3% on Wednesday.
- Political Development: National Democratic Alliance formally named Modi to lead the government, needing alliance partners for support due to unexpected election results.
- Market Activity: National Stock Exchange of India saw record transactions on Wednesday; Foreign institutional investors net sold $678.2 million worth of Indian shares.
- Upcoming Events: Attention on government formation and Reserve Bank of India policy meeting; India's monetary policy decision and U.S. non-farm payrolls report due on Friday.
- Stock Focus: Consumer and auto stocks in focus as brokerages prefer them over other sectors; Rail Vikas Nigam and Bharat Heavy Electricals receive project orders.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
