Sensex, BJP to touch record numbers on 4 June, says PM Modi

Exuding confidence in the “pro-market reforms” that his government initiated in the last 10 years, Prime Minister Narendra Modi said that on the day of counting of votes on 4 June both the BJP and the Sensex will touch record numbers despite the volatility that the markets are witnessing of late due to various factors.

Pointing out the “remarkable performance” by Indian share markets in the last 10 years, Prime Minister Modi called the rise of Sensex from around 25,000 to hovering around 75,000 points “historic”. He said that this also reflects the trust the stock markets have placed in the government.

“Recently, we reached a whopping $5 trillion market cap for the first time ever!” Prime Minister Narendra Modi told The Economic Times in an interview.

Prime Minister Modi said in the last 10 years, the number of demat accounts rose from just 2.3 crore to over 15 crore while the number of mutual fund investors increased to 4.5 crore today from 1 crore in 2014.

Citing it as an example of growing confidence in the Indian economy, the prime minister said that the performance of the share markets is also indicative of the high morale of the Indian investors. He said that the reforms by his government “have created a robust and
transparent financial ecosystem” alll=owing more citizens to participate and benefit from the rise in stock markets.

Prime Minister Modi said that there “is a clear indication of the financialisation of savings” in the last 10 years.

Although the markets had a flat opening today mid mixed global cues, with Sensex down 4.15 points or 0.01 per cent at 74,216.91 and the Nifty down by 2.00 points or 0.01 per cent at 22,595.80 points, it turned green in less than an hour of opening. As per the latest report, Nifty was above 22,650 and Sensex up 270 points.