There will be many positive effects of the Lok Sabha election outcome on economy on market, said Rajat Rajgarhia, MD - Institutional Equities, Motilal Oswal Securities, adding that the market could not have expected anything better.
"I think from a market point of view, it could not have expected anything better and it will take time to sink in. Good news takes a lot more time to sink in than the bad news. So, do not worry too much about how markets reacted today. However, I think we will see a lot of positive implications and a lot of positive moves of what we have witnessed today as a political mandate and its implication on the economy and the market," Rajgarhia said.
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The Indian benchmark indices
opened at record highs as trends indicated Prime Minister Narendra Modi-led National Democratic Alliance (NDA) coming back to power. However, the market turned negative later in the day on profit booking and ended lower. The Sensex settled 299 points lower at 38,811, 1314 points lower from record high, while the Nifty50 lost 81 points to end at 11,657, down 384 points from record high.