D-Street looks set for Modi rally tomorrow
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Mumbai: Indian equities are poised to rise on Monday, with exit polls predicting a victory for the BJP-led National Democratic Alliance (NDA) in the general election, easing investor uncertainty over the ruling coalition's performance, analysts said. Benchmark indices may rise about 2% Monday as foreign investors could reduce bearish bets, giving the market a boost. Shares of public sector and manufacturing companies, beneficiaries of the Narendra Modi-led BJP government's Make in India theme, could lead the likely advance, they said. "Most exit polls are indicating a win for the NDA, which should trigger short covering on Monday," said Sriram Velayudhan, senior vice president, IIFL Securities. Uncertainty had set in over the past few weeks and foreign portfolio investor (FPI) short positions in index futures were at record highs, he said. FPIs' record bearish derivative bets and selling of shares have weighed down t...