Stock Market Today: After a slow start at the Opening Bell, the Indian stock market saw a strong surge after TDP leader N Chandrababu Naidu confirmed his party’s support for the NDA after the Lok Sabha Election results. Naidu stated, “TDP is firmly with the NDA.”
Once Naidu dispelled rumors about his next move following the BJP’s failure to secure a full majority, investors gained confidence and began buying stocks at lower levels. The Nifty 50 index reached an intraday high of 22,445, marking a rise of over 2 percent. The BSE Sensex climbed to an intraday high of 73,851, up about 1.90 percent from Tuesday’s close of 72,079. The Bank Nifty index also soared to an intraday high of 48,000 shortly after Naidu’s statement.
Avinash Gorakshkar, Head of Research at Profitmart Securities, explained the market’s rise: “The Lok Sabha Election results fell short of market expectations, which anticipated a strong BJP-led government for a third term. The BJP missed an absolute majority by around 20 seats, sparking rumors about the roles of TDP and other alliance partners post-results.”
Gorakshkar noted that these rumors created uncertainty among investors, which was resolved after Naidu’s clear statement.
What Did Naidu Say?
Speaking to the media after the BJP-led NDA government won a historic third term, Naidu reaffirmed his support for the NDA. He mentioned that Andhra Pradesh voters have chosen a path for a better state, and both TDP and BJP will collaborate to meet these expectations.
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