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Mumbai: Indian stock markets rallied on Monday after the <keyword id="20032950" type="General" weightage="20" keywordseo="BJP-led-government" source="keywords">BJP-led government</keyword> secured a majority in the latest state elections in Maharashtra. The <keyword id="20641216" type="General" weightage="100" keywordseo="Nifty-50" source="keywords">Nifty 50</keyword> index gained more than 1.45 per cent or 346.30 points to open at 24,253.55 points, while the BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> index surged 1,076 points or 1.36 percent to open at 80,193.47 points. Experts noted that the election results have an impact on the markets today, and if past trends are followed, the markets may witness some rally amid the return of the BJP in the Maharashtra state elections. <keyword id="20161891" type="General" weightage="20" keywordseo="Ajay-Bagga" source="keywords">Ajay Bagga</keyword> Banking and Market Expert stated that "The just concluded elections in Maharashtra, the results of which were declared on November 23rd, will have a positive immediate impact on the stock markets. The landslide win for the BJP lead coalition in the Maharashtra state elections could lead to a short-term boost to the Indian stock markets which have been in a declining mode" He further added "Investors will interpret this mandate as favourable for the capex and infrastructure push that is ongoing in Maharashtra. The beneficiary sectors of this election are industrials, infrastructure, manufacturing, real estate and financials". In the sectoral indices on the National Stock Exchange, <keyword id="20065014" type="General" weightage="20" keywordseo="Nifty-Realty" source="keywords">Nifty Realty</keyword> and <keyword id="19941314" type="General" weightage="20" keywordseo="Nifty-PSU-Bank" source="keywords">Nifty PSU Bank</keyword> rallied with a surge of more than 2 percent, while other major indices also gained more than 1.5 per cent, including Nifty Metal, Nifty Media, and Nifty Oil &amp; Gas. In the Nifty 50 list, 49 stocks gained during the opening session, while only one stock declined. Shri Finance opened as the top gainer in the Nifty 50. The shares of the AdGroup also surged around 2 percent at the time of filing this report. <keyword id="19967296" type="General" weightage="20" keywordseo="Adani-Green" source="keywords">Adani Green</keyword> also climbed around 4 percent. "We are most likely to break the falling 20-day average that lies at 24,030, which will be the first time that'd happen since the record high of 27th September. Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80% of the time during this period with an average return of over 4 per cent" Akshay Chinchalkar, Head of Research, Axis Securities. In other Asian markets, Japan and South Korea indices rallied. The Nikkei 225 index surged more than 1.5 percent, South Korea's Kospi also rose by 1.5 percent, Taiwan's Weighted Index was up by 0.48 percent, while Hong Kong's Hang Seng index was down marginally by 0.14 percent at the time of filing this report.

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

The <keyword id="19895876" type="General" weightage="20" keywordseo="Election-Commission-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Election Commission of India" meta.hostid="261" meta.entityid="Election Commission of India">Election Commission of India</keyword> (ECI) has officially announced the schedules for the upcoming Assembly elections in Maharashtra and Jharkhand, setting the stage for crucial state elections next month. Here’s what voters in these states can expect: <h2>Maharashtra: Single-phase voting on November 20</h2>Maharashtra will head to the polls in a single phase on November 20, with vote counting scheduled for November 23. This election will see a high-stakes contest between two major coalitions: the <keyword id="19924537" type="General" weightage="20" keywordseo="Maha-Vikas-Aghadi" source="keywords" meta.keywordsubtype="org" meta.entityname="Maha Vikas Aghadi" meta.hostid="261" meta.entityid="Maha Vikas Aghadi">Maha Vikas Aghadi</keyword> (MVA) and the <keyword id="21555670" type="General" weightage="20" keywordseo="Maha-Yuti-Alliance" source="keywords" meta.keywordsubtype="org" meta.entityname="Maha Yuti Alliance" meta.hostid="261" meta.entityid="Maha Yuti Alliance">Maha Yuti Alliance</keyword>. The MVA consists of <keyword id="19905331" type="General" weightage="20" keywordseo="Uddhav-Thackeray" source="keywords">Uddhav Thackeray</keyword>'s Shiv Sena (UBT), the <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword>, and the Nationalist Congress Party (NCP) under Sharad Pawar. Meanwhile, the Maha Yuti Alliance brings together the <keyword id="19931558" type="General" weightage="20" keywordseo="Bharatiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharatiya Janata Party" meta.hostid="261" meta.entityid="Bharatiya Janata Party">Bharatiya Janata Party</keyword> (BJP), Shiv Sena led by Eknath Shinde, and the Ajit Pawar faction of the NCP. This intense battle for control over the 288-seat Maharashtra Assembly follows the end of the current term on November 26. The model code of conduct has come into immediate effect in Maharashtra, guiding political parties on appropriate campaigning practices and ensuring fair elections. <h2>Jharkhand: Two-phase voting on November 13 and 20</h2>In Jharkhand, voting will occur in two phases: the first on November 13 and the second on November 20. The results will be declared on November 23, alongside Maharashtra’s. This election focuses on the 81-seat Assembly, with a fierce competition expected between the ruling <keyword id="20028356" type="General" weightage="20" keywordseo="Jharkhand-Mukti-Morcha" source="keywords" meta.keywordsubtype="org" meta.entityname="Jharkhand Mukti Morcha" meta.hostid="261" meta.entityid="Jharkhand Mukti Morcha">Jharkhand Mukti Morcha</keyword> (JMM)-Congress alliance and the National Democratic Alliance (NDA), which includes the BJP, All Jharkhand Students Union (AJSU), and Janata Dal (United). Jharkhand’s current Assembly term expires on January 5, 2025. The elections will feature 29,562 polling stations across urban and rural areas to accommodate the state’s 2.6 crore registered voters. This diverse electorate includes 66.84 lakh young voters and 11.84 lakh first-time voters, with special arrangements for 3.67 lakh persons with disabilities. <h2>Pre-election preparations</h2>The ECI’s preparations for the elections began in September, with teams visiting both states to assess readiness. Chief Election Commissioner Rajiv Kumar, alongside Election Commissioners Gyanesh Kumar and Sukhbir Singh Sandhu, met with local officials, district collectors, and political representatives to evaluate logistical arrangements and security measures. In Maharashtra, the Maha Yuti Alliance and the MVA have been ramping up their efforts to secure <keyword id="23060079" type="General" weightage="20" keywordseo="voter-support" source="keywords">voter support</keyword> in what is expected to be a dramatic electoral showdown. In Jharkhand, the ruling JMM, which is part of the INDIA bloc, is eyeing another term despite recent controversies surrounding Chief Minister Hemant Soren, who faced legal challenges earlier this year. The JMM-Congress-RJD alliance remains strong, as the party is expected to contest all 81 seats in the Assembly. (With inputs from agencies)

ECI Announces election schedules for Maharashtra and Jharkhand; both states to vote in November

<ul class="summary-list"><li>Ali Abbasi's film "The Apprentice" explores Trump's rise with lawyer Roy Cohn's guidance.</li><li>The film highlights Trump's tactics, which influenced his career and presidency.</li></ul>Director Ali Abbasi's "The Apprentice" presents a dramatized origin story for Donald Trump (played by Sebastian Stan), who, in the span of a few decades, goes from a nobody to a New York real-estate tycoon under the guidance of his lawyer, Roy Cohn (Jeremy Strong).Though the movie doesn't delve into Trump's political aspirations — it ends right when author Tony Schwartz begins to discuss ghostwriting the 1987 book "<a target="_blank" class="" href="https://www.businessinsider.com/the-art-of-the-deal-donald-trump-leadership-2017-1">The Art of the Deal</a>" with Trump — we see how the main lessons from Cohn would be Trump's guiding principles through his career and into his presidency, including attack, attack, attack; deny everything, admit nothing; and always claim victory.That "always claim victory" rule came into play during the 2020 presidential election. After his loss, Trump maintained that the election was stolen from him and that he'd actually won over Joe Biden.Soon after, Pro-Trump insurrectionists attacked the US Capitol in an attempted coup on January 6, 2021, that left four dead. Trump has <a target="_blank" class="" href="https://www.businessinsider.com/trump-denies-responsibility-jan-6-reaffirms-support-mccarthy-leaked-call-2022-4">denied responsibility for the January 6 insurrection</a> and publicly <a target="_blank" class="" href="https://www.presidency.ucsb.edu/documents/videotaped-remarks-the-attack-the-united-states-capitol-the-certification-the-electoral">condemned</a> it as a "heinous attack" that left him "outraged by the violence, lawlessness, and mayhem."<div type="image" title="trump speaking in nevada 2024" height="683" width="1024" msid="114227281" hostid="261" sizebytes="45562"></div>The 2024 presidential election, in which Trump seeks to reclaim the presidency against Vice President Kamala Harris, is now less than a month away.The question of whether Trump will accept the results of this election remains unclear. In May, Trump said he'd <a target="_blank" class="" href="https://www.cnn.com/2024/05/02/politics/donald-trump-accept-2024-election-results/index.html">accept the results if "everything's honest."</a> A month later, at the first debate with President Joe Biden, he was <a target="_blank" class="" href="https://www.axios.com/2024/06/28/trump-2024-election-results">unwilling to say if he would accept the results or not</a>. In August, he told <a target="_blank" class="" href="https://www.youtube.com/watch?v=dmfGRdlBq38">CBS News</a> he would accept the results if they were "fair and free."In a recent interview promoting "The Apprentice," Abbasi, who has been studying Trump since he signed on to make the film in 2018, weighed in on whether he believes Trump will accept the results in the event of a loss."I saw, like everyone else, what happened on January 6, which was horrific," <a target="_blank" class="" href="https://www.businessinsider.com/the-apprentice-ali-abbasi-director-donald-trump-movie-challenges-2024-10">he told Business Insider</a>. "And I have a feeling that a lot of people got away with insane stuff. Look at that footage.""When you see that, you think, why would they change their opinion about this election? Why would they magically accept this when they didn't accept that?" Abbasi continued.<div type="image" title="Maria Bakalova as Ivana Trump and Sebastian Stan as Donald Trump in &quot;The Apprentice.&quot;" height="675" width="1200" msid="114227280" hostid="261" sizebytes="66734"></div>"But somehow, I'm an optimist," he added. "I was optimistic when people told me not to do this movie, or when people said no one would buy this movie. So, I really hope that everyone learned their lesson on January 6th. I hope to think that even though people may be tempted to do that again, they know what the consequences are, and they don't do it."In August 2023, Trump was <a target="_blank" class="" href="https://www.businessinsider.com/trump-january-6-criminal-indictment-charges-explained-2023-7">indicted on four charges in connection to January 6,</a> including conspiracy to defraud the United States, conspiracy to obstruct an official proceeding, obstruction or an attempt to obstruct an official proceeding, and conspiracy against rights. <a target="_blank" class="" href="https://www.businessinsider.com/trump-hit-with-revised-january-6-indictment-jack-smith-2024-8">A year later</a>, the four counts were revised to remove some of the alleged conduct that may now be protected by presidential immunity. Trump has <a target="_blank" class="" href="https://www.cnn.com/2024/09/03/politics/trump-not-guilty-plea-january-6-charges-smith/index.html">pleaded not guilty</a>.After interviewing Abbasi, Business Insider reached out to Trump for comment. A spokesperson for the former president slammed the movie."This 'film' is pure malicious defamation, should never see the light of day, and doesn't even deserve a place in the straight-to-DVD section of a bargain bin at a soon-to-be-closed discount movie store," Trump communications director Steven Cheung said in a statement. "It belongs in a dumpster fire.""The Apprentice" is now playing in theaters.

'The Apprentice' director is 'optimistic' Trump will accept the presidential election results

<ul class="summary-list"><li>President-elect Donald Trump took a phone call with Vladimir Putin on Thursday.</li><li>Trump also had a call with Ukrainian President Volodymyr Zelenskyy.</li></ul>President-elect <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump">Donald Trump</a> told Russian President Vladimir Putin not to escalate the war in Ukraine during a phone call last week, <a target="_blank" class="" href="https://www.washingtonpost.com/national-security/2024/11/10/trump-putin-phone-call-ukraine/">The Washington Post</a> reported on Sunday.The phone call on Thursday marks the first time the pair are known to have spoken since Trump won the election.Trump and Putin talked about resolving the war in Ukraine and achieving peace in Europe during their call, The Post reported, citing several people familiar with the matter.Trump also expressed interest in follow-up conversations to discuss "the resolution of Ukraine's war soon," per The Post.When approached for comment, a spokesperson for the Trump campaign told <a target="_blank" class="" href="https://www.reuters.com/world/us/biden-will-discuss-with-trump-top-us-priorities-wednesday-2024-11-10/">Reuters</a> that they "do not comment on private calls between President Trump and other world leaders."Representatives for Trump and the Russian foreign ministry did not respond to a request for comment from Business Insider.Trump's call with Putin took place a day after he spoke to Ukrainian President Volodymyr Zelenskyy. The president-elect <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-calls-zelenskyy-erdogan-influence-2024-11">took the call with Zelenskyy</a> on Wednesday, at Mar-a-Lago."We agreed to maintain close dialogue and advance our cooperation. Strong and unwavering US leadership is vital for the world and for a just peace," Zelenskyy wrote on X.<h2 id="672e0e44-6209-4b3a-916e-99d0652a8b93">Trump's big Ukraine war promises</h2>In July 2023, Trump told <a target="_blank" class="" href="https://www.foxnews.com/video/6331305533112">Fox News</a> that, if elected, he planned to end the Russia-Ukraine war within 24 hours."I would tell Zelenskyy, no more. You got to make a deal. I would tell Putin, if you don't make a deal, we're going to give him a lot. We're going to give more than they ever got if we have to," Trump said."I will have the deal done in one day. One day," he added.At the time, both <a target="_blank" class="" href="https://www.businessinsider.com/zelenskyy-trump-could-not-end-ukraine-war-in-day-russia-2023-7">Ukraine</a> and <a target="_blank" class="" href="https://www.businessinsider.com/trump-wont-end-ukraine-war-in-a-day-russia-says-2024-7">Russia</a> were dismissive of Trump's proposal. Zelenskyy told <a target="_blank" class="" href="https://abcnews.go.com/Politics/zelenskyy-abc-russia-ukraine-war-end-thoughts-us/story?id=100903255">ABC News</a> that he thought Trump's proposal was a "beautiful" notion but was not grounded on "real-life experience." And Russia's ambassador to the UN, Vasily Nebenzya, said that the war "cannot be solved in one day."That lukewarm response from both countries didn't stop Trump from making more campaign promises about ending the Ukraine war swiftly.In June, Trump said at a campaign rally in Detroit that he would have the Ukraine war "settled prior to taking the White House as president-elect." Trump also criticized Zelenskyy during that rally, calling the Ukrainian leader "maybe the greatest salesman of any politician that's ever lived.""Every time he comes to our country, he walks away with $60 billion," Trump said at the rally."He just left four days ago with $60 billion, and he gets home, and he announces that he needs another $60 billion. It never ends," Trump added.Since Russia's invasion began in February 2022, the US has channeled <a target="_blank" class="" href="https://www.state.gov/u-s-security-cooperation-with-ukraine/">more than $64 billion</a> in military assistance to Ukraine.

Inside Trump and Putin's first phone call since the election

<ul class="summary-list"><li>Gen X and younger voters shifted right in recent polls, favoring Trump more than they did in 2020.</li><li>Economic concerns and social media strategies influenced Gen Z's political shift.</li></ul>The <a target="_blank" class="" href="https://www.businessinsider.com/business-leaders-react-donald-trump-winning-election-silicon-valley-2024-11">2024 election</a> saw some big shifts in how the generations voted, early exit poll data suggested.Democrats lost a lot of ground with Gen Z, while Republicans won Gen X by a much wider margin than in 2020. Meanwhile, millennials had a much smaller rightward shift, and boomers were actually more likely to vote Democratic than four years ago.The results challenge some long-held stereotypes about generations' political positions. For example, the <a target="_blank" class="" href="https://www.businessinsider.com/millennials-and-gen-z-will-bring-down-the-gop-2021-7">presumed progressive Gen Zers</a> showed more <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-changes-political-divides-2019-7">conservative leanings</a> this election than the last, and aging boomers <a target="_blank" class="" href="https://www.chicagobooth.edu/review/there-are-two-americas-and-age-divider">shirked the notion</a> that they're growing more conservative with age.To be sure, early exit poll data has a wide margin of error. As more votes are counted in the coming days and months, more precise data on the shape of the 2024 electorate will be released.The youngest voters and those entering middle age tacked hard to the right. Gen X — which slightly favored president-elect Donald Trump with a one-point margin in 2020 — shifted 9 points toward Trump this cycle. Gen Z favored Vice President Kamala Harris by 11 points, compared to 24 points for President Joe Biden.Meanwhile, millennials and their boomer parents were less likely to move toward Trump. Millennials favored Harris by one point, a five-point shift down from Biden's six-point margin in 2020. Boomers went from supporting Trump by five points in 2020 to a flat tie between the two candidates this year, and were the only age group that voted more Democratic.Gen Z's big shift to the right wasn't entirely unexpected. Teens were twice as likely to identify as more conservative than their parents compared to millennials 20 years ago, per a <a target="_blank" href="https://www.theupandup.us/p/gen-z-teens-conservative-shift-gallup-data">Gallup and Walton Family Foundation</a> study conducted last fall.The Trump campaign put a lot of focus on this age group. Andrew Heyward, a former president of CBS News, told <a target="_blank" class="" href="https://www.nytimes.com/2024/11/07/business/media/trump-media-strategy-podcasts.html">The New York Times</a> that Trump has become a "master of evolving media" for partnering with online influencers and personalities. Trump frequently appeared on podcasts, streams, and TikToks <a target="_blank" class="" href="https://business.yougov.com/content/47483-whos-listening-to-the-joe-rogan-experience-men-mostly">consumed predominantly</a> by Gen Z and millennial audiences, including The Joe Rogan Experience.That strategy may have convinced younger voters that the GOP gets them better than the Democrats. "People don't really vote for what they want, they vote for who they are," Jason Brennan, a professor of strategy, public policy, and economics at Georgetown University's McDonough School of Business, told BI."I think a lot of young men look at the messaging of Democrats and are turned off by it," Brennan said, and it could at least partially explain the generational shifts.Gen Z's Gen X-er parents — or at least some of them — are also tilting right, as the <a target="_blank" class="" href="https://www.businessinsider.com/typical-gen-x-debt-net-worth-income-earnings-caregiving-stress-2021-8">forgotten middle child</a> of generations dramatically shifted toward Trump.Gen X already disapproved of Biden the most among generations, per <a target="_blank" class="" href="https://www.npr.org/2023/12/27/1217878506/gen-x-conservative-disapprove-biden">late 2023 polling from NPR, PBS NewsHour, and Marist</a>.Their role stuck between caring for children and aging parents <a target="_blank" class="" href="https://www.businessinsider.com/meet-gen-x-sandwich-generation-tasked-with-parents-kids-care-2022-4">has them</a> in an especially precarious economic spot. They're the generation <a target="_blank" class="" href="https://www.businessinsider.com/gen-x-age-income-debt-forgotten-middle-child-struggling-financially-2023-12">most likely</a> to say that they don't feel financially secure. Many are concerned about saving for retirement, while some continue to be stressed out about homebuying. Some long for the success of their boomer and silent generation parents, Amy Walter, a nonpartisan political analyst with The Cook Political Report, <a target="_blank" class="" href="https://www.npr.org/2023/12/27/1217878506/gen-x-conservative-disapprove-biden">told NPR</a>.Meanwhile, boomers are a bit more of a puzzle, according to Brennan. Their shift might come down to a dark demographic reality— male boomers are more likely to die earlier than their female counterparts, and women tend to be more likely to vote Democratic than men. But, more broadly, the results could also be chalked to a lack of enthusiasm."What it takes to win is you have to get your base to come out, and then you have to get the swing voters to shift towards you," Brennan said.Are you a Gen Z who shifted right or a boomer who shifted left? Contact these reporters at <a target="_blank" class="" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a> and <a target="_blank" class="" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>.

Forget swing states. Here's how the generations flipped on Election Day.

<ul class="summary-list"><li>Two crypto moguls' joint wealth rose by about $15 billion on the back of Trump's election victory.</li><li>Binance's Chaopeng Zhao and Coinbase CEO Brian Armstrong added about $12 billion and $2.6 billion each.</li></ul>Two cryptocurrency tycoons saw a near-$15 billion boost to their combined wealth on Wednesday as Donald Trump <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">won the presidential election</a>.<a target="_blank" class="" href="https://www.businessinsider.com/zhao-changpeng-binance-billionaire-crypto-mcdonalds-fast-food-wealth-lifestyle-2022-10">Changpeng Zhao</a>, who founded Binance and owns an estimated 90% of the world's largest cryptocurrency exchange, saw his net worth soar by about $12 billion or 30% to roughly $53 billion, propelling him into 25th place on the Bloomberg Billionaires Index.Zhao was the second-biggest wealth gainer for the day, behind only <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> who became <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/billionaires-net-worth-trump-stock-market-nvidia-tesla-2024-11">grew $26.5 billion richer</a> as Tesla stock soared. The man known as "CZ" resigned as Binance CEO in November 2023 and was incarcerated <a target="_blank" class="" href="https://www.businessinsider.com/former-binance-ceo-sentenced-to-four-months-in-prison-2024-4">for four months</a> this year after pleading guilty to charges that Binance broke anti-money laundering rules.Brian Armstrong, CEO and cofounder of crypto exchange Coinbase, saw his net worth jump by about $2.6 billion or 30% on Wednesday to reach $11 billion, per the Bloomberg list.<div type="image" title="Coinbase CEO Brian Armstrong" height="683" width="1024" msid="115058274" hostid="261" sizebytes="35564"></div><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a>, the most popular crypto, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-record-high-crypto-trump-trade-us-presidential-election-2024-11">surged to record highs</a> of about $75,000 on hopes that digital currencies will face an <a target="_blank" class="" href="https://www.businessinsider.com/cryptocurrency-bitcoin-influence-election-trump-harris-2024-10">easier regulatory environment</a> under Trump. Ethereum, Solana, Ripple, Dogecoin, and other tokens have also jumped following the former president's reelection.The Republican candidate's decisive victory over his Democratic rival, Kamala Harris, has relieved concerns in financial markets about a contested election outcome and fueled excitement about Trump's proposed tax cuts and deregulation.One result was the world's 12 richest people grew more than $70 billion richer in a single day, per Bloomberg's wealth rankings. Musk led the charge but Oracle's <a target="_blank" class="" href="https://www.businessinsider.com/larry-ellison">Larry Ellison</a> also gained about $10 billion, while Berkshire Hathaway's <a target="_blank" class="" href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth">Warren Buffett</a> and Amazon's <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-life-career-education">Jeff Bezos</a> gained more than $7 billion each.All but one of the 12 individuals have become wealthier this year. LVMH CEO <a target="_blank" class="" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">Bernard Arnault</a> is down $34 billion as signs of a luxury slowdown grow. Exclude him and his 11 peers have grown a combined $505 billion richer this year — a figure that exceeds the market value of Oracle ($502 billion).

2 crypto tycoons are almost $15 billion richer after Trump's election victory

If there is one word to aptly describe the ongoing 2024 Lok Sabha <keyword id="20515965" type="General" weightage="20" keywordseo="election-results" source="keywords">election results</keyword>, specifically for the incumbent party, it would be jolting, startling, and perhaps, even surprising. The exit polls were wide off the mark, and then some. Less than a week ago, India reported a remarkable <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> rate of 8.2% for the fiscal year 2023-24. Over the weekend, exit polls predicted a clear and easy majority for the ruling Bharatiya Janata Party (BJP) and its alliance NDA. Consequently, benchmark indexes, Sensex and <keyword id="6354813" type="General" weightage="20" keywordseo="Nifty" source="Orion">Nifty</keyword>, both zoomed more than 3 per cent on Monday, breaching the all-time high records. On Tuesday, the tides turned! Putting a harsh full stop on the ruling party’s “abki baar 400 paar” narrative, the electoral situation on Tuesday evening shows less than 300 seats to the NDA and over 230 seats to the opposing INDIA bloc. What’s even more concerning for the ruling party is its tally dropping from 303 in 2019 to less than 245 this year. Consequently, on Tuesday, Sensex witnessed the steepest drop in over four years since the pandemic, recording a drop of 4,389 to settle just over 72,000. Nifty also dipped by almost 6%, standing at 21,884 points. If the trends hold, the BJP will lack a clear, simple majority on its own for the next five years, even if it manages to form a government with its pre-poll allies. The question is, how stable the new government would be, what would be the overall impact of this verdict on India’s economy, and what’s the story behind the jitters exhibited by the markets on Tuesday? <cmsannotation type="cmsannotation" annotationid="India’s incredible economic growth story" comment="subhead" text="India’s incredible economic growth story">India’s incredible <keyword id="19900794" type="General" weightage="100" keywordseo="economic-growth" source="keywords">economic growth</keyword> story </cmsannotation>Perched to be the world’s 3rd largest economy by 2027, India’s current GDP value stands at $3.9 trillion. As per FM <keyword id="20200167" type="General" weightage="20" keywordseo="Nirmala-Seetharaman" source="keywords">Nirmala Seetharaman</keyword>, the Indian economy is anticipated to grow at a rate of close to 7% in FY25 and hit $7 trillion by 2030. The <keyword id="3530620" type="General" weightage="20" keywordseo="Gross-Value-Added" source="Orion">Gross Value Added</keyword> (GVA) data supports the optimistic outlook, with a growth rate of 7.2% in FY24 compared to 6.7% in FY23. And notably, this strong economic growth has come at a time when most of the major economies across the globe are grappling with a slowdown. While few expect India to maintain a robust growth of 8.2%, most economists agree that GDP growth could moderate to around 7% in FY25. But most of these growth forecasts are contingent on a stable government and policy reforms at the centre. So, does the sharp fall in benchmark indices on Tuesday foretell a twist in India’s growth story? <cmsannotation type="cmsannotation" annotationid="Is there a twist in the tale?" comment="subhead" text="Is there a twist in the tale?">Is there a twist in the tale? </cmsannotation>Firstly, the <keyword id="16791710" type="General" weightage="20" keywordseo="foreign-portfolio-inflows" source="Orion">foreign portfolio inflows</keyword> (FPI), indicative of the global confidence reposed in the Indian markets, have been on a consistent decline over the past 3 months. As of 4th June 2024, foreign institutional investors had withdrawn a total of Rs 14,339 crores from the Indian equity markets while investing Rs 55,273 crores in debt instruments, which are traditionally reflective of safety, security, and a low-risk and change appetite. Foreign institutional investors had also withdrawn Rs 25,586 crores during May 2024, and Rs 8,671 crores during April 2024. If anything, the Indian market stands atop the strong confidence of domestic investors. The AUM (assets under management) of the Indian mutual fund industry stood at a record high of around $57 lakh crores in April 2024, even as the SIP AUM hit a record high of Rs 11.26 lakh crore. "The steep fall is due to the results so far falling short of the exit polls which the market had discounted yesterday. If BJP doesn't get a majority on its own there will be disappointment and this is getting reflected in the market. Also it is possible that Modi 3.O may not be as reform-oriented as the market expected and may turn more welfare- oriented," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. <cmsannotation type="cmsannotation" annotationid="Cautiously optimistic investors could prevail" comment="subhead" text="Cautiously optimistic investors could prevail">Cautiously optimistic investors could prevail </cmsannotation>But does this mean India’s growth story stands threatened or even jeopardized? Even though social media is flooded with memes that might lead one to believe it is all over for India’s story, the country remains the fastest growing economy amongst all G-20 nations in 2024, compelling almost all rating agencies to positively hike the country’s potential growth rate. But, equally noticeable is the fact that India’s private consumption, a major indicator of the economy’s growth, jumped by only 3.5% over the last 3 months of 2024. India now makes up 6.7% of the world’s GDP by purchasing power parity (PPP). As figures go, India is set to become a $10 trillion economy by 2030. Veteran investors like Raamdeo Agrawal, who heads Motilal Oswal Financial Services, believe that India’s potential growth rate of 8-8.5% is not going anywhere and that NDA’s leadership is here to stay. In his words, if an investor has managed to make 4-5x in the last 3-4 years, one will have to give in 20-30%. But that is where you will have to persist as an investor. "With the NDA still looking to form a government, though with the important support of coalition partners, markets look jittery about the prospects of strong decision making. Markets believe that the reformistic approach, which was a hallmark of the previous two terms, might take a backseat in the third term. However, our sense is that it is still early to jump to conclusions and should ideally wait for a clearer picture," said Manish Chowdhury, Head of Research, StoxBox. But all in all, the NDA government is most likely to stay for the full term, and those who bet on the same stand to stay safe despite the surprisingly strong performance of the INDIA alliance. However, in the end, the only one who wins in the market stays put in the market in the long run. Because NDA, or INDIA, compounding is here to stay, all set to immensely benefit long-term investors. (With inputs ANI)

Economic implications of Lok Sabha Election 2024 results: Would lack of a clear majority for BJP impact India’s growth story?

The Zoram People's Movement (<keyword id="746547" type="General" weightage="80" keywordseo="zpm" source="Orion">ZPM</keyword>) stormed to power in <keyword id="65591" type="General" weightage="90" keywordseo="mizoram" source="Orion">Mizoram</keyword> by dethroning the Mizo National Front (<keyword id="577715" type="General" weightage="80" keywordseo="mnf" source="Orion">MNF</keyword>) bagging 27 seats in the 40-member House on Monday. Prominent ZPM winners include the party's CM face Lalduhoma, who secured the Serchhip seat defeating his MNF rival J Malsawmzuala Vanchhawng by 2,982 votes. The ruling Mizo National Front won nine seats and was leading in one. The BJP won the Palak and Saiha seats. The Indian National Congress bagged the Lawngtlai West seat. Prominent losers include Deputy Chief Minister and MNF candidate Tawnluia who lost to ZPM candidate in Tuichang, Health Minister and MNF candidate R Lalthangliana who lost to ZPM's Jeje Lalpekhlua in South Tuipui and Rural Development Minister Laruatkima who lost to ZPM nominee Lalnghinglova Hmar in Aizawl West II, according to the Election Commission. Chief Minister and MNF chief Zoramthanga lost to ZPM's Lalthansanga by 2,101 votes, it said. ZPM emerged winners in Kolasib, Chalfilh, Tawi, Aizawl North-I, Aizawl North-II, Aizawl North-III, Aizawl East I, Aizawl East II, Aizawl West-I, Aizawl West-II, Aizawl West-III, Aizawl South-I, Aizawl South-II, Aizawl South-III, Lengteng, Tuichang, Champhai North, Champai South, Tuikum, Hrangturzo, South Tuipui, Lunglei North, Lunglei East, Lunglei West, Lunglei South, Lawngtlai East and Serchhip seats. The MNF won in Hachhek, Mamik, Tuirial, Serlui, Tuivawl, East Tuipui, West Tuipui, Thorang and Tuichawng seats and was leading in one. Counting of votes, which began at 8 am, was being held in 13 centres. Postal ballots were counted first, and from 8.30 am, the counting for votes polled in the EVMs began. In some of the seats that have a fewer number of voters, only two rounds of counting will be held, but in most of the constituencies, five rounds will be counted. More than 4,000 personnel are involved in the counting process. In all, there are 399 tables for the EVMs and 56 for the counting of postal ballots. Polling was held on November 7, and over 80 per cent of the state's 8.57 lakh voters exercised their franchise. A total of 174 candidates, including 18 women, were in the fray. The MNF, ZPM and Congress contested 40 seats each, while the BJP fielded candidates in 23 seats. The Aam Aadmi Party (AAP), which contested the assembly polls here for the first time, fought in four seats. Also, there were 17 Independent candidates.

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