Rakesh Jhunjhunwala, Partner, Rare Enterprises, caught up by the Econonmics Times for his take on the poll verdict, current market scenario and his expectations from the new government.
Triumphant of a non-Congress party with a majority in Parliament in the Lok Sabha is the first time in the history of Independent India. This by itself is a very historical event which has happened in India.
Subsequently, it is the indication of the maturity of Indian democracy. The BJP has performed splendidly in the seats in which the Muslims have got very large voting in Uttar Pradesh.
This point out that people is not voting on caste and religion, but people are voting, for their aspiration, for good infrastructure, for development. These two things are a very big milestone in the economic development in the democratic history of India.
There has been a management change in India and I have full faith in the new management. These are very well-known persons. I had full confidence in the management of Titan when no one knew them and by God’s mercy, that has proved right.
History has shown us time and once more that there are people who can handle different situations, near-impossible situations, can change things around.
And with India’s potentiality and with Mr. Modi’s tactical thinking and his ability to carry people with him; this is to some extent which the Indians will not realise now. We will realise five years later.
The Nifty is 1000 points higher from its preceding highs. Quality stocks are gaining; the number of new highs against the number of new lows is some 50 to one, good quality stocks are going into new highs.
The markets are going up, but do keep in mind that bull markets will go up on a wall of worry. All I see is apprehension; people are not participating, but how long will they not participate? I have no qualms in my mind that we have started the biggest bull market that at least I will see in my lifetime.