Surprised India Inc bets on reforms and growth

livemint.com:

Mint that the opposition getting substantial votes is also a sign that checks and balances are in place. Sajjan Jindal, chairman of JSW Group, in a statement on today's election results, said, “Very difficult to gauge the mood of public in a vast country like ours. This is amply clear from today’s numbers! What we are witnessing today is something nobody expected and showcases how a democracy of our size functions."
"The biggest question on the mind of investors is whether the pace and quality of reform will continue as it has over the past 10 years without the single majority.

The economic reform agenda articulated prior to the results are essential to India becoming a developed nation by 2047. These will need to be bolder and more far reaching than the past for this ambitious target to be met," Siddarth Pai, co-founder, 3one4 Capital.
"From a fund manager's perspective, our job is to use every opportunity in a very sensible way. In my mind, if BJP had come back with a strident “400+"win, it would have had the potential to create an irrational exuberance in pricing.

Now, we have continuity with sanity, " said Gopal Srinivasan, founder, TVS Capital. The bourses reacted sharply to the changes in voter's sentiments. After a 3% surge on Monday, Indian equities witnessed a bloodbath on Tuesday, with headline indices falling more than 7% each intra-day.

Nifty 50 and Sensex hit the lowest since 23 March 2020 and 4 May 2020, respectively. A negative surprise in India’s general elections outcome spooked investors, with the ruling National Democratic Alliance (NDA) set to return albeit with a less-than-expected majority. That said, the broad direction of the economy is unlikely to change.