Lok Sabha Election Results - A Surprise Verdict, But With Mandate For Continuity: Motilal Oswal

Motilal Oswal Report

The BJP-led NDA has won the 2024 Lok Sabha elections with a full majority (296 out of 543 seats) for an unprecedented third consecutive term, albeit the numbers were well below the Exit Poll predictions of ~370 seats and the BJP’s own ambitious target of 400+.

This resulted in a sharp market reaction with Nifty-50 falling 6% while Midcap/small-cap indices fell 8-9%. The sectoral indices such as Nifty PSU Bank/oil and gas shaved off 15%/12%. The BJP fell well short of the majority of 272+ mark and won 241 seats.

The opposition INDIA Alliance has notably improved its tally and won ~231 seats (versus UPA’s 59/92 seats in the 2014/2019 Lok Sabha elections), with the Congress almost doubling its tally to 99 seats from 52 in 2019.

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