Nifty hits new high on back of BJP’s landslide win in Uttar Pradesh

The BJP's victory in Uttar Pradesh, coupled by a landslide win in Uttarakhand, seem to have removed investors fears about the advance of reforms in the economy.

By: Express Web Desk | New Delhi | Published:March 14, 2017 10:12 am
sensex, nifty, sensex today, nifty today, narendra modi, BJP, BJP reforms, modi reforms, market news, market today In further cheer for the markets, the rupee also rose 42 paise to 66.18 against the US dollar on increased selling of the US currency by exporters and banks amid higher foreign inflows

The Bharatiya Janata Party’s landslide win in Uttar Pradesh on Saturday saw the Nifty hitting new high at 9,122.75 in opening trade. Sensex also soared 616 points to reach 29,561.93. In further cheer for the markets, the rupee also rose 42 paise to 66.18 against the US dollar on increased selling of the US currency by exporters and banks amid higher foreign inflows. On Friday, the rupee had gained 11 paise to close at a fresh 4-month high of 66.60 against the dollar on renewed selling of the US currency by exporters and banks.

The ruling party’s victory in Uttar Pradesh, coupled by a landslide win in Uttarakhand, seem to have removed investors fears about the advance of reforms in the economy. Government functionaries believe that the wins will propel the Centre to push through key reforms.

“The last bastion of caste politics has come around and voted for development. Finally, even Uttar Pradesh wants good governance and growth,” Arvind Panagariya, Vice Chairperson, Niti Aayog told the Indian Express. “I expect continued reforms while ensuring that the poor receive what the Prime Minister promised.”

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  1. A
    Anuradha Kalhan
    Mar 14, 2017 at 7:03 am
    All kinds of 'reforms' land , labour etc will happen now. lt;br/gt;lt;br/gt;Then Ram Rajyya will be established with Ayodhya at the center and then as now, the recent avatar s Krishna and Arjun will lead and ache din will arrive.lt;br/gt;lt;br/gt;Whoever thought that primary, secondary and tertiary education was less important than industrialization in 1950 please stand up and take a bow.lt;br/gt; It was probably the same set of guys who want Ram Rajyya now.
    Reply
  2. D
    Dr.Damodar Biswal
    Mar 14, 2017 at 6:14 am
    Show the kind of faith both FII n domestic MFs repose on BJP in general n Modi in particular.
    Reply
  3. P
    pradeep
    Mar 14, 2017 at 8:28 am
    All reforms are going to hit the poo people of India badly.thr rich will not be touched.achee din will never come for the poor.empty dreams are fed to the poor.
    Reply