Indian stock markets soar after Narendra Modi is sworn-in as PM

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Indian stock markets soar after Narendra Modi is sworn-in as PM

On Friday, 31st May, the Indian stock market soared after Narendra Modi took oath as the country's Prime Minister for the second time. The National Stock Exchange (NSE or Nifty) rose by around 0.56 per cent to close at around 12,012.20.

The Bombay Stock Exchange (BSE) rose by about 0.53 per cent to breach the 40,000-mark again at about 40,041.25. According to Anand Rathi firm's advisory head of equity Siddharth Sedani, the upward-soaring inclination of the Indian stock markets was also because of news emerging that Amit Shah would be given charge of the finance ministry.

"Market movement is more sentiment driven today. The contemplation around Amit Shah getting finance ministry is boosting market sentiment," he said, adding that the stock market continued to be susceptible to the government policies that would take shape in the forthcoming days.

Meanwhile, on account of fresh warnings from United States' president Donald Trump that levies would be imposed on Mexican imports, the value of Indian oil companies registered in the Indian stock market rose significantly.

The global crude prices also fell. The biggest gainers from these free-falling crude value were Hindustan Petroleum Corp whose share value rose by around 4.5 per cent, the highest since April 2018, and Bharat Petroleum Corp, whose shares rose by 3.5 per cent, a high last attained in June 2018.