Stock market to hit record high on June 4: PM Modi

PM Narendra Modi

The BJP will hit a new record on June 4, so will the stock market, Prime Minister Narendra Modi has told the Economic Times, referring to the day when the votes will be counted for the ongoing Lok Sabha elections.

“I can say with confidence that on June 4, as the BJP hits record numbers, the stock market will also hit new record highs,” Modi said in an interview to the business daily.

The market always reposed confidence in his initiatives, bringing in more domestic investors, leading to “financialisation of savings” over the past decade, he said.

“The trust the stock market places in us is evident in its remarkable performance over the past decade. When we took office, the Sensex was around 25,000 points. Today, it stands at around 75,000 points, reflecting a historic rise. Recently, we reached a whopping $5 trillion market cap for the first time ever," PM Modi added.

Benchmark indices the BSE Sensex and the NSE Nifty have been volatile in recent days but has since recovered.

On May 22, the Nifty reclaimed 22,600 in a choppy session.  At close, the Sensex was up 267.75 points, or 0.36 percent, at 74,221.06, while the Nifty was up 68.80 points, or 0.31 percent, at 22,597.80.

The India VIX, a measure of market volatility, has doubled to over 20 in just three weeks from its recent lows. Historically, the VIX has risen to as much as 29 ahead of elections, indicating heightened market sensitivity during national polls.

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