Tuesday, June 04, 2024

Ayodhya lost.

 "Narendra Modi is set to take oath as prime minister of the country for the record third term as Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) secured a majority by winning 292 seats in the 543-member Lok Sabha," while "the Congress-led INDIA bloc emerged as a strong opposition and registered wins in 234 seats." News18. On its own, the BJP secured 240 seats, well short of the 272 seats required for an absolute majority, while the Congress got 99 seats. The NDA is an alliance of 41 parties, some of them tiny regional parties (wikipedia) which most of us have not heard of. Most of them have lost. The Indian National Development Inclusive Alliance (INDIA) is an alliance of 42 parties (wikipedia) in which the Congress got 99 seats, DMK 22 seats, Trinamool Congress (AITC) 29 seats and Samajwadi Party (SP) 37 seats. The big news is that SP won 37 seats in Uttar Pradesh (UP) beating the BJP into second place with 33 seats. Mint. In 2022, the BJP won the assembly election in UP with 255 seats to 111 seats for the SP  (wikipedia), and Yogi Adityanath, who revels in the nickname of 'Bulldozer Baba' because of his use of bulldozers to demolish homes of people accused of crime (wikipedia), was re-elected as Chief Minister. In January 2024, "Indian Prime Minister Narendra Modi has inaugurated a grand temple to Hindu God Ram in the flashpoint city of Ayodhya." "Televised live, it showed Mr Modi performing religious rituals inside the temple's sanctum along with priests and Mohan Bhagwat, head of Rashtriya Swayamsevak Sangh (RSS) - the ideological fountainhead of Hindu nationalist parties." BBC. However, it seems that Lord Ram was not best pleased at being used as an election gimmick because "BJP candidate Lallu Singh lost Faizabad Lok Sabha seat which includes Ayodhya where a grand Ram Temple was opened for the public earlier this year. Singh, a three-time MP from Faizabad, was facing SP candidate Awadesh Prasad." News18. Curiously, all exit polls predicted a huge victory for the NDA with over 350 seats. India Today. They also predicted big wins for the BJP in UP, Maharashtra, Haryana and even West Bengal. Mint. In 2014 and 2019, on the other hand exit polls differed widely among each other. FP. As a result of exit polls showing a massive win for the BJP stock markets jumped. The BSE Sensex gained 2,507 points to close at a record 76,469 points, thus generating Rs 13.8 trillion for investors. TOI. When results started coming out yesterday the Sensex collapsed by 6,000 points but recovered somewhat to close down 4,390 points or 5.7%, wiping Rs 31 trillion of wealth. BS. So far this morning, the BSE is up 1,643 points to 73,697 points. Sensex. It means that the exit polls were an enormous opportunity for some to unload their shares at very high prices and then gain by short selling yesterday. That may explain the rise in Sensex this morning as short sellers square their positions. Only the regulators can tell us. 

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