Indian stock markets rallied to record highs in May with the benchmark BSE Sensex breaching the 25,000 mark for the first time after Narendra Modi won a clear mandate to govern Asia’s third-largest economy.
Markets surged as Modi’s Bharatiya Janata Party (BJP) and its allies stormed to power on promises to revive India’s struggling economy, which is growing below 5 percent, and create more jobs for its 1.25 billion people.
The Sensex touched a record high of 25,375.63 on May 16, the day election results were announced, while the broader Nifty hit a life high of 7,563.50 the same day. The Sensex is up 18.1 percent so far this year.
The surge, especially in mid- and small-cap stocks, also helped India’s diversified equity mutual funds rise an average 11.5 percent, their best monthly return since 2009.
After May 16, several brokerages have revised their Sensex targets upwards, hoping the economy would recover and grow faster under the new Modi government. Here are some recent Sensex target revisions: