Narendra Modi vs the markets: Plotting key days from first year to BSE performance

The traders seemed to rally behind Prime Minister Narendra Modi's promise of reform and growth for much of the last 12 months as his government completes one year in power tomorrow

Narendra Modi came to power in May 2014

The Bombay Stock Exchange last year welcomed the historic Lok Sabha election results, which saw BJP become the first non-Congress party to cross the magic mark, by closing the day’s trading 520 points higher. The traders seemed to rally behind Prime Minister Narendra Modi’s promise of reform and growth for much of the last 12 months as his government completes a year in power on May 26. But the market did fluctuate a bit and had its own share of highs and lows during the past year.

We picked a few key instances from “one year of modi government” and saw how the market fared on those days. The rise and fall on these days could also be because of other factors.

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May 26, 2014: The market saw huge gains between the dates of election results and PM Modi’s swearing-in ceremony. On the day Modi took oath, the markets edged closer to the 25,000 mark and closed at 24,716 — 1,685 points higher than the day results were announced.

Post August 15, 2014: A few months later, PM Modi’s thundering speech from the ramparts of Red Fort on Independence day where he announced the Jan Dhan Yojana scheme saw the markets end 281 points higher after they reopened on Monday.

September 25, 2014: Disagreement between the BJP and Shiv Sena over seat-sharing lead to their break-up during the run up to the Maharashtra elections. The markets slumped 340 points below where it had began that day.

November 12, 2014: PM Modi met his counterpart Tony Abbot for a meeting down under. Markets posted a gain of 50 points.

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September 26, 2014- September 30, 2014: The prime minister received a rock star reception at Madison Square garden, but the markets sang a different tune by ending 201 points in red overall during his visit.

November 25,2014-Nov 27, 2014: At SAARC Summit, Modi shook hands with Pakistan prime minister Nawaz Shariff at a time when skirmishes at LoC displaced thousands along the border. The markets were up by 173 points.

December 23, 2014: The Modi wave reached J&K as BJP became the second largest party in the state but the markets drowned on that day, plunging to 227 points in the negative.

February 10, 2015: Months later, the wave flattened after the Aam Aadmi Party led by Arvind Kejriwal routed the party winning 67 out of the 70 seats in the Delhi Assembly. But the markets finished in the green, 233 points up from the previous day.

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March 15, 2015: Finance Minister Arun Jaitley presented the budget for the financial year 2015-16. Despite increasing the service tax favouring businesses, the market didn’t share the same enthusiasm and the Sensex fell to 50 points in red.

May 14, 2015-May 16, 2015: Modi pitched Make in India to China during his three-day visit. The mood was positive at the stock exchange during this period.

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