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From electricity, to banks to sanitation, Prime Minister Narendra Modi did not forgo even a minute to enlist achievements of his government, while addressing a massive rally in Mathura city. 
 
As Modi Government completes one year in power, the Prime Minister commemorated celebrations as ‘Jan Kalyan Parv’ and addressed people on how the country had changed since he took charge. 
 Modi took oath as Prime Minister on May 26, 2014 after his <keyword id="58687" type="ORGANIZATION" weightage="80" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> won the general elections with 282 seats without allies. 
During his poll campaigning, he had promised the common man of ‘acche din’ and a transparent government. 
 
Reiterating the same, Modi said that during his tenure bad days had ended and the era of ‘loot’ had come to an end. 
 
He also took potshots at the Congress party, asking the gathering whether the government of ‘remote control’ and ‘scams’ had ended or not. 
 
While campaigning during the parliamentary elections also, Modi had stated that the Congress party-led government were looting the nation and BJP would bring an era of clean politics and a change would be visible. 
 
Modi, who has always presented himself as Prime Servant of the country, said last year was about coal scams but this year was the time for coal auctions. 
 
He also went on to say that people who looted the nation, bad days had come for them. 
 
“I did not guarantee good days for those who looted the country, worse days will come for them,” Modi said. 
 
Meanwhile, he also enlisted a number of initiatives taken by his government such as opening bank accounts, soil cards for farmers, giving subsidy and even boosting tourism. 
 
Although Modi said his government was pro-poor, it is yet to see whether he will be able to fulfil his pledge to provide electricity to farmers in next five years or not. 
 
(Image: Reuters)

PM Modi tells India: I am not
Pradhan Mantri, I am your Pradhan Santri

NEW DELHI: Experts are divided on whether the recent records that the <keyword id="6484188" type="CITY" weightage="40" keywordseo="Sensex">Sensex</keyword> made were on account of Modi or otherwise. 
 "The rally can be described in one sentence as a 100% <keyword id="6354477" type="PERSON" weightage="40" keywordseo="Narendra-Modi">Narendra Modi</keyword> rally," Mehraboon Irani, Principal &amp; Head-Private Client Group Business, Nirmal Bang Securities, told ET Now. 
 
Asked if analysts are overplaying the Modi factor? Andrew Holland, CEO, Ambit Investment Advisors, said: "Yes, we probably are." 
 
Now, if we talk about facts, it may well be argued that the recent rally was after all not on the back of the much vaunted Modi wave. 
 The stock market did not make gains as an immediate impact of the announcement of poll dates by the <keyword id="40807" type="ORGANIZATION" weightage="40" keywordseo="Election-Commission">Election Commission</keyword>, but surged the next day when the Russian president first said that <keyword id="6356806" type="COMPANY" weightage="40" keywordseo="Moscow">Moscow</keyword> is pulling out troops from Crimea. 
 In fact, the market was in a bearish mode since when the poll dates were announced; but it was just minutes after the pullout announcement from <keyword id="6358826" type="COUNTRY" weightage="40" keywordseo="Russia">Russia</keyword> that the market began to surge suddenly, making a record high that very day (Thursday, March 6). 
 
Poll dates were announced in the early hours of March 5, and the markets didn't move a bit on that news. 
 
It may be noted that after making record highs on Thursday (March 6), the markets made fresh record highs the next day as well, that is Friday (March 7). This surge can be largely attributed to the current account deficit numbers, reconfirming the belief that the macros for India are improving. 
 
The current account deficit (CAD) for third quarter of the current financial year narrowed to $4.2 billion versus $5.2 billion on a quarter-on-quarter basis. 
 CAD for the April-December period now stands at $31.1 billion versus $69.8 billion YoY. This translates into the CAD being at 2.3% of <keyword id="35050" type="CITY" weightage="40" keywordseo="gdp">GDP</keyword> versus 5.2% YoY. 
 Stopping short of not calling it a Modi rally, Lalit Nambiar of <keyword id="126458" type="CITY" weightage="40" keywordseo="UTI-Mutual-Fund">UTI Mutual Fund</keyword> said: "The ability of the market to predict election has not been very good. So, I would be a little sceptical about the current rally." 
 
Explaining the reasons for the rally, he said: "When we look at these new highs, it is essentially an index level and in an economy which is growing at an average of 5% to 7%, you will obviously see earnings also grow and to that extent, index hopefully will continue to hit new highs in the future. So, there is too much being tied into this new high factor." 
 
Markets on March 5, the day poll dates were announced: The 30-stock Sensex ended at 21,265.49, up 55.76 points or 0.26 per cent. 
 The 50-stock <keyword id="6354813" type="COMPANY" weightage="40" keywordseo="nifty">Nifty</keyword> closed at 6,326, up 28.05 points, or 0.45 per cent. 
 
March 6: Sensex closed at a fresh all-time closing high of 21,502.62. 
 
Nifty ended at all-time closing high of 6,401.15, up 72.50 points or 1.15 per cent. 
 
March 7: Sensex ended at a record closing high of 21,915.14, up 401.27 points or 1.87 per cent. 
 
Nifty closed at record closing high of 6,525.60, up 124.45 points or 1.94 per cent. 
 
Today, the markets are down. Sensex plunged as much as 160 points in intraday trade. At 11:11 am, the Sensex was at 21,613.19; down 161 points, or 0.74%. 
 
The Nifty was at 6,438.15; down 54.95 points, or 0.85%.

Markets hit record highs riding the Modi wave - true or false?

The Indian stock markets will see a big swing on election results day, say experts. 
 
A move of 10-20% on the markets is what analysts are betting on. In this backdrop, if you want to make big money playing on elections, here's your chance. We give you 10 high beta stocks. 
 
Playing on these 10 stocks, if the Sensex rises 1%, they could return about 2%. 
 
But then the loss could also be in the same proportion if the Sensex slips. 
 
Leading fund houses such as Citi, BNP Paribas, Deutsche Bank and others are advising investors to add better-quality, high-beta stocks from the finance and banking space such as ICICI Bank and Axis Bank, reports ET. L&amp;T is recommended from the industrial sector while Maruti and Titan are the bets from the consumer discretionary segment. 
 
Here are 10 stocks with high beta (see chart). 
 
How to read the chart? For example, ICICI Bank has beta of 1.9 while Axis Bank 1.7, which means if the Sensex rises 1%, then these stocks will climb by close to 2%. 
 
A beta of greater than 1 indicates that the stock price will rise or fall more than the market. 
 
 
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What experts/brokers say about the current market rally: 
 
Marc Faber, author of Gloom Boom &amp; Doom Report 
 
We are moving into an election and there is hope that the BJP, led by Modi, will win this election and be able to form a workable government." 
 
Mehraboon Irani of Nirmal Bang Securities 
 
This can be described in one sentence as a 100% Narendra Modi rally. The hope has come in that macro factors will improve. 
 
Stocks in most sectors rallied but ultimately at the end of it all I can promise that the shirts are going to be off if the election verdict is something different. 
 
If there is a case of a hung Parliament, the market will come down to 5%-7% in a day. So, we are honestly very sticky wicket as of now despite the fact that we are high but if you ask me the risk trade is on but honestly fundamentals have not improved much. 
 
CLSA 
 
Despite the short-term overbought readings, we would respect the Nifty’s conclusive breakout above 6,383-6,480 resistance with the daily momentum indicators confirming this move. 
 
This breakout opens the door for a move up to the 7,036 area, the measured move objective from the November 2013-March 2014 trading range. 
 
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Lalit Nambiar of UTI Mutual Fund 
 
The ability of the market to predict an election outcome hasn't been very good, so I would be a little sceptical about the current rally. 
 
We are still a little way away, a long way probably, from economic recovery. So, maybe the market is a little ahead of itself ... Maybe there's a bit of overoptimism in this particular rally. 
 
When we look at these new highs, it is essentially an index level and in an economy which is growing at an average of 5% to 7%, you will obviously see earnings also grow and to that extent, index hopefully will continue to hit new highs in the future. So, there is too much being tied into this new high factor. 
 
Pankaj Murarka, Head Equity, Axis MF 
 
If you look in retrospect, it's been about six years that the index has been virtually flat; and during the process if you look back our economy has gone from a trillion dollar economy to $1.8 trillion economy. This has happened in the backdrop of a 50% depreciation in the INR versus dollar. So, effectively from a valuation perspective the markets are about 50% cheaper than what they were when they hit 21,000 last time." 
 
So, we think the markets are trading below their mean valuation and we feel pretty positive about equities as an asset class going forward. 
 
Richard Jerram, Chief Economist, Bank of Singapore 
 
Markets are looking at the prospects of political-led policy change, maybe more effective policy implementation post elections ... they are buying on the hope that some structural barriers that have been a real problem over the last few years would begin to diminish after the elections.

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