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Market
gave the salute to Modi’s victory by opening above 9100. After opening up, the
Nifty hit an all-time high of 9122 and Sensex raced towards the 30000 mark in
intraday trade. Modi’s win strengthened his claim to a second term in 2019, and
investors are betting it will embolden the ruling Bharatiya Janata Party (BJP)
to embark on more reforms including launching the countrywide goods and
services tax passage of labour and land acquisition bills. The Nifty closed at
all time high of 9,087 and Sensex surged 1.7% on Tuesday as investors saw Prime
Minister Narendra Modi’s landslide victory in Uttar Pradesh as an
endorsement of his economic reform agenda.