Big boom in capital market, atmosphere of joy: PM on Lok Sabha polls result

PM Modi made the remark while replying to the debate on a motion in Rajya Sabha thanking President Droupadi Murmu's address to the joint sitting of Parliament

Prime Minister Narendra Modi on Wednesday highlighted the rally in the capital market seen post the Lok Sabha elections 2024 results, noting a palpable atmosphere of enthusiasm.

“Post the election result, a big boom is being seen in the capital market… This is understandable,” he said, however, questioning the intent of the Congress party’s celebration.

“But amid all this, I wonder why the Congress party is happy and celebrating... I mean, what’s the reason for their happiness? Is this happiness due to a ‘hat-trick of defeat’? Or is this due to another ‘unsuccessful launch’? This is unfathomable…” he said.

Modi made the remark while replying to the debate on a motion in Rajya Sabha thanking President Droupadi Murmu’s address to the joint sitting of Parliament.

Sensex hit a record high on Wednesday at 80,074 points during the intra-day deals, a sharp rally of 11 per cent since the low of 72,079 recorded on June 4, the day of the Lok Sabha election results. 

Rahul Gandhi alleged stock market scam after results

Notably, following the Lok Sabha election results, Congress leader Rahul Gandhi had alleged a stock market “scam” which he claimed was the result of PM Modi and Union Minister Amit Shah giving “specific investment advice” ahead of the election results.

Gandhi called for an investigation into the market fluctuations after the benchmark indices surged to an all-time high after Lok Sabha exit poll projections, and then recorded a massive drop of Rs 30 trillion on June 4.

The ruling Bharatiya Janata Party had termed Gandhi’s claims as “baseless”. Union Minister Piyush Goyal had taken a dig at the Congress party saying that the market crashed when the Congress was doing better than expected in the polls.

Gandhi’s allegations were based on statements made by Shah and Modi during interviews given to private television news channels ahead of the poll result.

He clarified that his allegation was only against two individuals and not the government and pointed out that Shah and Modi gave investment advice to 50 million families investing in the stock market, which led to the massive crash.