Indian stocks volatile after BJP election shock

indexes saw a choppy open on Wednesday, after the results of the 2024 general election showed that the ruling BJP-led alliance secured a much smaller majority than initially expected.

By 10:10 AM IST , the Nifty was trading up 0.7% after falling as much as 2% at the open. The Sensex fell slightly. While Prime Minister Narendra Modi is still expected to secure a rare third term, a smaller majority heralds more difficulty in enacting economic reforms. “There are two immediate political risks to be monitored: 1) defection of NDA coalition partners to break away from BJP, and 2)challenges from within the NDA to Modi’s position as the leader of the government. Either of these outcomes would be unfavourable from the viewpoint of financial markets,” ANZ analysts wrote in a note.

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