Lok Sabha Elections 2024: NDA gets majority, PM Narendra Modi set for third term as share markets crash

NH Bureau Wednesday, 05 June 2024 07:38:38 AM

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New Delhi : The landmark counting of votes for the recently concluded Lok Sabha Elections 2024 started on Saturday. Despite setback on some key seats, BJP-led NDA took the majority as it was leading on 293 seats by the end of the day. With this, Prime Minister Narendra Modi is set for historic third term.

BJP alone has managed 241 seats, less than required majority number of 272, which means that the saffron party will have to rely on its alliance partners to make a government in the centre. There have been reports that INDIA bloc is trying to woo some prominent leaders like Bihar CM Nitish Kumar to increase their numbers and get a chance to get into power.

If Narendra Modi clears majority without any setbacks, he will become the first Prime Minister after Jawaharlal Nehru to win three consecutive terms.

Exit Polls Predictions

The predictions made by pundits on majority Exit Polls were seen falling apart as it was claimed that BJP-led NDA will be getting at around 350-400 seats; which did not turn into reality.

What was the result in 2014 & 2019?

In the Lok Sabha Elections 2019, pollsters had predicted around 285 seats for the NDA. And in reality the NDA bagged 353 seats, of which the BJP got 303 alone. The Opposition’s UPA managed only 93 seats of which the Congress got 52. In the Lok Sabha Elections 2014, the NDA was estimated to win around 257-340 seats. However, the NDA won 336 seats and Narendra Modi became the Prime Minister for the first time.

Markets Crashed

There was a sentiment that share markets will be on the rise if BJP gets clear majority in the recently concluded Lok Sabha Elections 2024. But, since the beginning of counting of votes, the sentiment looked different and markets crashed drastically with people taking 10% average loss in their portfolios.

NIFTY 50 and the S&P BSE Sensex both tumbled about 6% each, posting their steepest decline on an election outcome day since 2004, when a BJP-led coalition lost power.