Veteran investor and founder of Helios Capital, Samir Arora believes the Exit Poll numbers are great from a market stand point and the benchmark indices should rally further, Arora told Moneycontrol on June 3, adding that his fund house is 'bullish at this point'.
Chances of any negative surprise look bleak for now, but Arora believes trader should not base their decisions on the mandate of 350+ seats. "As long as BJP gets enough seats to form a government it is enough", Samir Arora said.
The veteran investor is of that view that margin of victor may not really matter after a few days, and a clear mandate to form the government is enough for establish a sense for continuity for the market under Modi 3.0.
Also Read | Exit polls set to ignite market euphoria: Big gains on the horizon with Gift Nifty showing a 780 point gain
This has caused Arora to increased his long positions from around 60s to 70s. He indicated he might be open to raise it further if he finds "good opportunities" in trade today.
Following the results in the immediate term, the market's focus will continue to remain on stocks that are India-oriented, which have also been front-runners in the rally so far.
"This includes the usual suspects in manufacturing, power, defense, capital goods, banks and infrastructure. Stocks that are likely to lag are IT and consumer, although even they may go up in this celebration rally," noted Arora.
On June 1, most exit polls showed Prime Minister Narendra Modi’s BJP-NDA government getting re-elected with over 350 Lok Sabha seats -- either meeting or beating most brokerages’ bull case scenarios for the potential stock market trigger.
Following the exit polls, market experts are predicting a record uptick in the benchmark indices, given the expectation of political continuinity.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
