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Bloodbath in India Stocks

The idea of a coalition government lead by BJP at the centre has led to widespread market anxiety and a sharp decline in stock indices…reports Asian Lite News

Indian stock indices witnessed a bloodbath on the day the Lok Sabha results are being announced, where incumbent BJP performed below par and seems it may fall short of exit poll predictions and the majority mark on its own.

The BJP-led National Democratic Alliance is leading in nearly 300 seats while the INDIA alliance is leading in 229 seats, as per data from the Election Commission of India.

The idea of a coalition government lead by BJP at the centre has led to widespread market anxiety and a sharp decline in stock indices. The BJP, which has been the dominant force in Indian politics for the past decade, is seen as a pro-Industry party whose policies have generally favoured economic growth and market stability. The failure to secure a clear majority to BJP of its own raises concerns about the formation of a stable government and the continuation of economic reforms.

At the closing bell, Sensex closed at 72,079.05 points, down 4,389.73 points or 5.74 per cent, while Nifty closed at 21,884.50 points, down 1,379.40 points or 5.93 per cent. All Nifty sectoral indices, barring Nifty FMCG, were deep in the red today. Nifty metal, Nifty bank, Nifty financial services, Nifty PSU bank, Nifty private bank, Nifty realty, Nifty oil and gas, slumped the most, NSE data showed.

“The steep fall is due to the results so far falling short of the exit polls which the market had discounted yesterday. If BJP doesn’t get a majority on its own there will be disappointment and this is getting reflected in the market. Also it is possible that Modi 3.O may not be as reform-oriented as the market expected and may turn more welfare- oriented,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

At one point during the afternoon, Indian equity indices plummeted over 8 per cent on Tuesday, as poll trends indicated a closer than anticipated fight for the incumbent Narendra Modi-led NDA government.

Sensex logged it worst session in over four years, it witnessed back during Covid days.

“Markets rallied 3-3.5 per cent on expectation of a Modi led NDA win on Monday. PSU (especially banks) led the rally. Today polls were not in line with exit poll outcome. Markets move more than 4-5 per cent down today,” said Jaykrishna Gandhi, Head – Business Development, Institutional Equities, Emkay Global Financial Services.

“We expect 7-10 per cent downside for broader markets from current levels. We recommend positioning to move from alpha stocks to defensives – add FMCG, IT, Pharma vs short on ABB, Siemens, Cummins, Coal India, NTPC, PFC, REC, PNB, Canara bank,” Gandhi suggested.

The Rupee closed weaker against the US dollar on Tuesday, depreciating by 38 paise to close at 83.53. It closed at 83.15 on Monday. The Rupee had been largely steady for the past year, largely due to RBI’s intervention.

“This uncertainty triggered a panic sell-off across various asset classes, impacting economic growth. The Dollar-Rupee exchange rate may continue to rise, potentially reaching 83.90, with 83.40 serving as the immediate support level,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.

Manish Chowdhury, Head of Research, StoxBox, asserted that markets have reacted sharply to the initial trends of the NDA leading on around 290 seats, way less than as projected.

“With the NDA still looking to form a government, though with the important support of coalition partners, markets look jittery about the prospects of strong decision making. Markets believe that the reformistic approach, which was a hallmark of the previous two terms, might take a backseat in the third term. However, our sense is that it is still early to jump to conclusions and should ideally wait for a clearer picture,” said Chowdhury.

Shrikant Chouhan, Head Equity Research, Kotak Securities, noted that the current market texture is extremely volatile and uncertain; hence, it is advisable that traders should remain cautious for the next few trading sessions.

On Monday, Indian benchmark indices closed at record highs, driven by fresh buying from investors after exit polls indicated a comfortable majority for the NDA government.

The Nifty 50 index gained 733.20 points, closing at 23,263.90, while the BSE Sensex surged 2507.47 points to close at 76,468.78. (ANI)

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INDIA 2024 India News Politics

Narrative set for 2029 Lok Sabha elections

Students of Gurukul School of Art paint portraits of PM Narendra Modi, Congress leader Rahul Gandhi, Delhi CM Arvind Kejriwal and others ahead of the Elections result, in Mumbai. (ANI Photo)

Five years may seem long but not too far away for those with set goals and agendas. The 2024 Lok Sabha elections have set the agenda and narrative for 2029, writes Deepika Bhan

 Why does it seem that 2024 is a preparation for 2029? Long before the election campaigning had started for the 2024 Lok Sabha polls, it was a foregone conclusion that Prime Minister Narendra Modi would remain in office after June 4.

Whether it was the common man or any political analyst or even the leaders themselves, the prediction was very clear. The only question was whether the NDA would achieve the 400-plus target.

The Opposition INDIA bloc also knew that 2024 would not be easy. Their internal tussles and overbearing stalwarts further weighed upon their alliance. Although the bloc had a common banner, each partner mostly worked separately, except on a few occasions in Uttar Pradesh and Delhi. They did not have a common agenda and their strategy was more about knee-jerk reactions. Their sole common agenda was attacking PM Modi.

For the BJP, the 400 plus has been a target that involves overcoming challenges in those places where it has been non-existential. In an interview, PM Modi mentioned that the target was set to improve upon the previous one, much like a parent setting a higher percentage goal for a child. To achieve the higher target, the BJP’s hard work areas included states in the South and East, where its vote share has been almost negligible.

The BJP aims to register a presence in newer areas which can be worked upon towards achieving the 2029 goal and beyond it. The vote share increase in states like Tamil Nadu and Kerala will set a path for the party to enter the number game confidently in 2029.

PM Modi, in fact, has already set a target for his party and the country also, which is not just 2029 but 2047. He has revealed that work on the ambitious 2047 Viksit Bharat project has been ongoing for the last two years.

Why the PM has gone even beyond 2029 and set 2047 as the target is because the country will be celebrating 100 years of Independence in that year. His aim is to make the BJP the natural choice for the people and keep on repeating and improving electoral performance in each and every election.

While PM Modi is clear about the agenda, his party stands solidly behind him. The party leadership at the same time has also been focussing on young leaders. By giving them big responsibilities the party is clear in its agenda of building next-gen leaders. Whether it’s Yogi Adityanath in Uttar Pradesh, Uttarakhand CM Pushkar Singh Dhami, Assam CM Himanta Biswa Sarma, Madhya Pradesh CM Mohan Yadav, or Rajasthan CM Bhajanlal Sharma, the party has been ready to experiment. This is something which connects with the country’s youthful population.

As the BJP continues to work on its future prospects, the Congress has been working on the agenda of consolidating its vote bank. In the 2024 elections, it openly wooed the Muslim community by making specific references in its manifesto and played caste politics to divide Hindus.

The Muslim community has been largely fragmented in the past elections, voting as per the local and regional equations. In this election, the community’s vote seems to be consolidating and can impact some areas.

The Muslims constitute 14 per cent of the total population and comprise at least 20 per cent in 86 of 543 Lok Sabha seats. It is this 20 per cent that is being targeted by the Congress. From talking about extending reservations to the Muslims and frequently writing about the situation in Palestine and Gaza, the Congress wants to be seen as the empathiser.

The 2024 Lok Sabha election also saw Congress leader Rahul Gandhi going very aggressive about caste politics, including census. Never has the grand old party indulged in caste politics so openly as is being done by Rahul Gandhi. His grandmother Indira Gandhi and his father Rajiv Gandhi always stayed away from this kind of politics. But perhaps the party strategists thought that playing caste politics could checkmate PM Modi’s Hindu appeal.

During election rallies this time, Rahul Gandhi said that he will remove the Supreme Court-mandated 50 per cent cap on caste-based reservation and increase quota benefits for people from OBCs, Dalit, backward and tribal communities. He even said that caste census will help also find the actual wealth held by the marginalised and could pave the way for redistribution of the wealth.

The next five years may see the Congress working strenuously to gain Muslim support, play caste politics aggressively, and attack PM Modi in various ways.

Five years may seem long but not too far away for those with set goals and agendas. The 2024 Lok Sabha elections have set the agenda and narrative for 2029.

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INDIA 2024 India News Politics

Nizamabad gears up for triangular contest

BRS president and former Telangana CM K Chandrashekhar Rao greets the gathering during a roadshow for the Lok Sabha elections 2024, in Nizamabad. (ANI Photo)

The main contestants – BJP, Congress and BRS – are battling it out after suffering defeat in Assembly elections…reports Asian Lite News

 A triangular fight is on the cards in the Nizamabad Lok Sabha constituency, a key constituency in the politically significant north Telangana region.

The main contestants are battling it out after suffering defeat in Assembly elections.

Sitting MP Dharampuri Arvind of BJP, senior Congress leader and former minister T. Jeevan Reddy and Bharat Rashtra Samithi (BRS) candidate Bajireddy Goverdhan all had to taste defeat in Assembly elections held in November 2023.

Unlike in 2019 when Arvind had defeated BRS president and then chief minister K. Chandrasekhar Rao’s daughter K. Kavitha in a direct fight, the constituency is witnessing a three-cornered contest this time.

Out of seven Assembly seats under Nizamabad Lok Sabha constituency, BRS won three seats in the recent polls.

Congress and BJP bagged two seats each.

The BRS retained Koratla as Arvind lost to Kalvakuntla Sanjay by a margin of over 10,000 votes.

The Congress and BRS candidates too were unsuccessful in their bid to enter the Assembly.

Jeevan Reddy, a former minister and currently a member of Telangana Legislative Council, lost to M. Sanjay Kumar of BRS by a margin of 15,822 votes.

BRS leader Bajireddy Goverdhan suffered defeat at the hands of Congress party’s R. Bhupathi Reddy by a margin of nearly 22,000 votes in Nizamabad Rural constituency.

Nizamabad is the second Lok Sabha constituency after Adilabad where the BJP put up impressive performance in recent Assembly elections.

The BJP wrested Armoor and Nizamabad Urban seats from the BRS and finished second in the Koratla segment.

Nizamabad Lok Sabha seat remained a Congress stronghold till 1991 when Telugu Desam Party (TDP) wrested it for the first time.

The TDP won the seat again in 1998 and 1999.

TRS (now BRS) scored its first victory from here in 2014 when Kavitha defeated two-time MP Madhu Yaskhi Goud of Congress by a huge margin of 1.67 lakh votes. BJP had finished third with over 2.25 lakh votes.

In 2019, the BJP wrested the seat with Arvind, son of former Congress and BRS leader D. Srinivas, defeating Kavitha by a margin of 70,875 votes.

While both Arvind and Kavitha polled over 4 lakh votes each, Congress candidate finished a poor third with less than 70,000 votes.

The constituency had hit headlines in 2019 after 177 farmers jumped into the fray demanding remunerative price for turmeric and red sorghum and setting up of National Turmeric Board, taking the total number of candidates to 185.

Though Kavitha was later elected to the Legislative Council from Nizamabad Local Authorities’ constituency, she kept targeting Arvind through innovative protests for failing to fulfil his promise of getting Turmeric Board.

While addressing a public meeting in Mahabubnagar on October 1, 2023, Prime Minister Narendra Modi announced that the National Turmeric Board will be set up in Telangana to professionally focus on the entire value chain of turmeric.

However, the Turmeric Board remains a key issue in this election too as both Congress and BRS are questioning the delay in follow-up action on the Prime Minister’s announcement.

Both the parties alleged that the BJP has taken people of Nizamabad for a ride with a mere announcement. Revival of Nizam Sugar Factory (NSF) in Nizamabad and its units across Telangana is another issue in the election.

The Congress has given the assurance it will revive NSF next year.

Union Home Minister Amit Shah’s election rally in Nizamabad where he promised that the BJP will scrap reservation for Muslims gave further boost to the BJP’s campaign.

Issues like Muslim reservation and celebration of Hyderabad Liberation Day are part of BJP’s poll campaign.

The party is also highlighting the construction of Ram temple at Ayodhya and its promise to bring Uniform Civil Code.

Muslims constitute about 20 per cent of nearly 19 lakh voters in the constituency.

Nizamabad was one of the four Lok Sabha seats won by the BJP in 2019.

This was the BJP’s best-ever performance in the state.

As Kavitha was arrested in Delhi excise policy case, the BRS fielded its senior leader Bajireddy Goverdhan.

He was first elected to the Assembly on a Congress ticket from Armoor in 1999. In 2004, he was elected from Banswada. He joined YSR Congress Party (YSRCP) after it was floated by Jagan Mohan Reddy in 2010. Goverdhan joined TRS (now BRS) in 2014 and was elected to Telangana Assembly from Nizamabad Rural constituency. He retained the seat in 2018.

The BRS is telling the electorate that it alone can safeguard the interests of Telangana.

BRS chief KCR is exhorting people to make sure that Telangana’s voice is heard in Parliament.

Congress’ Jeevan Reddy is confident that like in the Assembly elections, the people will give their mandate in favour of Congress.

The senior leader is accusing BJP of diverting the people’s attention from real issues like unemployment, Turmeric Board, remunerative prices for farmers, revival of sugar factories and problems of beedi workers and Gulf migrants to polarise votes on communal lines.

Jeevan Reddy was first elected to Andhra Pradesh Assembly in 1983 on Telugu Desam Party (TDP ticket) from Jagtial and served as excise minister in N.T. Rama Rao’s Cabinet.

He joined the Congress in 1984 and was re-elected to the Assembly from Jagtial in 1989.

He was again elected from the same constituency in 1989, 1996, 1999 and 2004.

He served as minister for roads and buildings in Y.S. Rajasekhara Reddy’s cabinet between 2007 and 2009.

He was elected to Telangana Assembly from Jagtial in 2014.

After defeat in 2018 elections, he entered the fray for Legislative Council elections and was elected from Karimnagar Graduates’ constituency in 2019.

Jeevan Reddy is contesting Lok Sabha elections for the third time.

He twice contested unsuccessfully from Karimnagar. Both times, he lost to BRS chief and former chief minister KCR.

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India News

GOA: BJP leads on 8 seats

Aam Aadmi Party and Maharashtrawadi Gomantak Party are leading at one seat each…reports Asian Lite News

Bharatiya Janata Party, according to early trends, was leading at atleast eight constituencies in the 40-seat Goa assembly as counting of votes began on Thursday.

Aam Aadmi Party and Maharashtrawadi Gomantak Party are leading at one seat each.

Further, the Election Commission website, at 9:30 am, showed that BJP leader Vishwajit Rane is leading at Valpoi assembly seat, Deviya Rane at Poriem, followed by independent candidates Laxmikant Parsekar in Mandrem and Utpal Parrikar in Panaji.

Former Goa Chief Minister Laxmikant Parsekar, who contested the recently held assembly election from Mandrem seat as an independent candidate, has said he is equidistant from both Congress and BJP, amid predictions of having a hung assembly in the state.

“I was never with the Congress and BJP has cheated me so I am equidistant from both the parties and if I win and need to take a call will think about the interest of Goa,” Parsekar told reporters.

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India News

Priyanka hits out at politics of hate, use of religion

Priyanka Gandhi was speaking in context of the viral video in which she was seen throwing flowers on the people returning from BJP rally and later distributed party manifestos to them…reports Asian Lite News

Congress General Secretary Priyanka Gandhi Vadra on Thursday hit out at the politics of hate and use of religion and caste in politics, saying the time has come to change the narrative.

Talking to IANS while campaigning in Gaura Assembly constituency in Uttar Pradesh, she said: “I am trying to send across the message that politics should not be based on hatred and violence and time has come for a new kind of politics which should work to address the problems of the people.”

Attacking BJP and other political parties, Gandhi said: “The people are suffering because of politics of caste and religion and this type of politics only benefits a few political parties and never serves the interests of the common people.”

“The political leaders should work to provide solution to the people’s problems,” she added.

Priyanka Gandhi was speaking in context of the viral video in which she was seen throwing flowers on the people returning from BJP rally and later distributed party manifestos to them. The viral video has been widely appreciated and complimented on the social media for not showing any prejudice towards the opponent.

Earlier she had exchanged wishes with SP chief Akhilesh Yadav and RLD’s Jayant Chowdhary when they came across each other in Bulandshahr.

The Congress first time in two decades is contesting on the 403 seats and Priyanka Gandhi is a star campaigner and is criss crossing the state.

She is raking up the issues of stray cattle, unemployment, security and other issues in her campaign.

‘Ladki Hoon, Lad Sakti Hoon’

Earlier this week, hundreds of Congress women and girl activists joined a ‘pink rally’ in Pune to mark the 125th day of AICC General Secretary Priyanka Gandhi Vadra’s clarion call of ‘Ladki Hoon, Lad Sakti Hoon.’

Women & Child Welfare Minister and Congress leader Yashomati Thakur, who addressed the rally, said that Priyanka’s campaign — initiated in Uttar Pradesh — has electrified the minds of lakhs of women and girls all over the country in the past four months.

“Priyankaji is like a second Indira Gandhia. The drive started in UP, but now we will make women all over Maharashtra and the rest of the country aware of their rights, give them justice and empower them,” said Thakur.

Other speakers like state women’s Congress President Sandhya Savvalakhe, office-bearers Pooja Anand, Deepti Chaudhari, Sangeeta Dhone, Sangita Tiwari, Nita Trivedil Rupali Kapse, Anjali Thackeray, Ujjwala Salve, Poonam Patil, Jayshree Wankhede, Sushila More addressed the ‘pink rally’, among others.

Savvalake noted how several top BJP leaders ‘demean’ or ‘use foul language’ against the womenfolk, but the ‘Ladki Hoon, Lad Sakti Hoon’ campaign has shown how girls and women can be empowered, respected and how they can fight for their rights in every forum.

As per the directions of All India Mahila Congress President Netta D’Souza, women and girls turned out wearing pink t-shirts, scarves, dupattas, sarees, salwar-kurtas, with big and small pink balloons in their hands symbolising freedom and women-power.

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