Indian stock markets will break all records on June 4: PM Modi

IANS Photo

New Delhi, May 19 (IANS) Once the Lok Sabha election results are declared on June 4, the Indian stock markets will break all previous records, Prime Minister Narendra Modi said on Sunday.

In an exclusive conversation with Sanjay Pugalia, Editor-in-Chief of NDTV, PM Modi said that the Indian indices are set to witness record highs after the poll results.

"With a week after election results, the Indian stock market will touch record highs and stock market programmers will get tired dealing with the rush," he said.

The Prime Minister said that Indians should shun their nervousness about investing in the market and join the momentum.

"New investors help grow the economy and people's risk capacity needs to increase with time. In the last 10 years, the markets have reached the 75,000-level from the 25,000 level," PM Modi emphasised.

The Prime Minister said that public sector undertakings (PSUs) stocks are now accelerating which no one had expected.

"Hindustan Aeronautics Ltd (HAL), the state-owned defence PSU, has made a record net profit of more than Rs 4,000 crore,” PM Modi noted.

The country is now the fifth country in the world with an equity market capitalisation of more than $4.5 trillion, behind the US, China, Japan, and Hong Kong. The BSE Sensex reached an all-time high of 75,124.28 in April. Both the indices traded at record-high levels in the opening trade on April 9, with the Nifty 50 surging above the 22,700 level. Strong domestic macroeconomic fundamentals have pushed the Indian stock market to reach new limits.