Bihar Verdict Sparks FMCG, Consumption Stocks Rally: Jefferies Turns Bullish On Indian Market

Jefferies says the big NDA win in Bihar has brought political stability back into focus — and markets are reading it as a strong positive for consumption. With this win, the BJP erases its 2024 setback and regains momentum, marking five out of six state election victories since June, all with stronger margins. For the market, Bihar’s result isn’t just political. It’s a sentiment signal — and it points clearly toward consumption. Jefferies highlights that generous state-level cash transfer schemes along with two back-to-back tax cuts from the Centre are creating a meaningful tilt toward consumer spending. Jefferies’ preferred picks in this theme include Bharti Airtel, Vishal Megamart, TVS Motor, Crompton Consumer, Godrej Consumer, Marico, and Jubilant Foods. Watch the full breakdown of how Bihar’s mandate is shaping market sentiment.