Three market trends that emerged from election: ICICI Sec

The election result has been the centre of attention for market players today. Speaking to CNBC-TV18, Anup Bagchi of ICICI Securities says that the markets had already anticipated that Samajwadi Party would secure 180-185 seats at the upper end. At the close of counting, SP has 189 seats in its kitty, but falls short of securing a majority at 202 seats.

He says that the market is not so much bothered by whether SP will make it alone or if it forms the government in alliance with Congress or any other party. "What it is actually looking for is the way ahead on reform," he says.
Bagchi pulls out three clear market trends from the excitement over the election results. Firstly, though there is interest still from FIIs towards India, uncertainty to move ahead with investments is hampering their conviction. Secondly, action is shifting from the Centre to the states and therefore, states will now to be monitored more closely. Thirdly, investors seek implementation and action now from the government.