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Axis Securities Report
On June 04, 2024, three election results were due-
Loksabha election 2024,
State election results of Andra pradesh, and
State election results of Odisha.
In all three elections, including the central as well as state, the ruling party NDA has won the mandate and will easily be able to form the government. However, at the central level, it fell short of market expectations. As per the latest number, NDA won 292 seats which is well behind the exit poll numbers but still above the minimum mark of 272 (The minimum number to form the government).
BJP standalone won 240 seats versus the tally of 303 in 2019. This time the ruling party NDA has faced tough competition from the opposition, especially in bigger states such as UP and Maharashtra. The current number indicates that NDA is going to form a government under the leadership of Prime Minister Narendra Modi; however, this will be a coalition government after a successful completion of two terms with a full majority.
This implies coalition government politics in the Modi 3.0 term. Nonetheless, with this development, Prime Minister Narendra Modi is likely to join the camp of the longest-serving Prime minister in India.
Based on the above development, we recommend the following stocks: HDFC Bank, ICICI Bank, SBI, Ultratech cement, HUL, Nestle, M&M, Hero Motocorp, Lupin, Suzlon and J Kumar Infra
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