The stock markets have seen a strong upward momentum in the first 100 days of Prime Minister Narendra Modi’s third term. The NDA government at the Centre completed 100 days on Tuesday, September 17.
During the first 100 days of Modi 3.0, the benchmark indices have seen significant jumps with the broader market remaining mostly positive.
Despite bumps and worries around capital gains tax hike and BJP not winning the Lok Sabha elections with a thumping majority as expected, both Sensex and Nifty have scaled record highs within the 100 days of Modi 3.0.
The 30-share BSE Sensex has jumped nearly 6,500 points to 82,948.23 at close on September 18 since June 9, when Narendra Modi took oath as the Prime Minister for the third time. This represents a massive uptick of over 8.4%.
During the same time, benchmark Nifty50 has surged nearly 2087 points or 9% to 25,377.55 points.
After closing at record highs on September 17, when the government celebrated 100 days of Modi 3.0, both the indices ended marginally lower on September 18.
On the other hand, several sectors outperformed during this period. Nifty IT Index gained more than 8% between June 10 and September 18, while Nifty Healthcare Index saw gains of nearly 17%.
Defence, EV, real estate and infrastructure stocks have also seen upticks after the announcements of government policies during this period. Recently, the government announced its updated electric mobility policy, which saw the rise of EV stocks.
The BSE Smallcap Index performed well too, soaring over 15% during this time. The BSE Midcap Index also jumped 10% during this period.
The performance of stock markets in the first 100 days of Modi 3.0 comes in stark contrast to that of its performance when the Narendra Modi government came in power for the second time in 2019. During the first 100 days of Modi 2.0, Sensex declined over 2,800 points, while the Nifty nosedived 1,000 points.
PM Modi’s early days in the office during his first tenure in 2014 triggered a sharp rally in the stock market, with Nifty and Sensex posting nearly 11% gains between May 26 and September 3.
