Infrastructure Shares Surge as BJP Set to Win Big
NSE's infrastructure index surged as high as 5 per cent in early trade on Friday as seat count signalled that was BJP swiftly approaching towards the 272 seat mark.
IVRCL gained 6.32 per cent, IRB infra gained 4.4 per cent, L&T surged 5.5 per cent while JP Associates posted 6 per cent gain compared to 3 per cent gain in Nifty.
Analysts believe that infrastructure shares will be benefit from Mr Narendra Modi's pro-business approach. BJP's prime ministerial candidate Narendra Modi has stressed repeatedly in his election rallies that he wants to make India a global manufacturing hub. Investors believe Mr Modi will create the same business environment country wide, which he has created in Gujrat where business can flourish.
Although reality is far away, but it is certain that a BJP win will give boost to corporate sentiment. This has led to gain in infra stocks in the pre-election rally. NSE's infrastructure index has gained 26.28 per cent in last three months.
In the CNX Infrastructure index, IRB Infra gained 31.29 per cent in last one month, which is the maximum in that index followed by BHEL & Adani port, which gained 19.62 per cent and 17.46 per cent respectively.
As at 9.25 a.m. the CNX Infrastructure index traded with 3.6 per cent gain compared to 3.77 per cent gain in Nifty.
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