Modi's poll magic: Factors that will move the stock market in near term 

The Indian stock market is set to open higher on Monday after exit polls suggested that PM Modi led NDA is coming back to power for the third term. Nifty futures on the Nifty International Exchange traded 805 points, or 3.55 per cent, higher at 23,493, hinting at a start at new all-time high for the domestic market. Here's a look at factors that will determine the trajectory of the market in the near term. 

RBI Monetary Policy

The market trajectory in June will be affected by the RBI Monetary Policy meet to be held from June 5 to June 7. The economy grew 7.8 per cent on an annual basis in Q4 of FY24. The GDP grew 8.2% in the last fiscal. 

Auto sales in May

Sales of the auto sector in May will determine the direction of the market in the near term. Tata Motors and Maruti Suzuki have announced their sales date for May. This will affect the auto indices on BSE and NSE. 

Exit polls and election results

The exit polls announced on weekend are set to push the market in green today. On Tuesday, results of the Lok Sabha polls will be announced, which will define the direction of the market in the near term. 

FII inflows 

The FII inflows into the market are likely to rise as the Modi government is set to win a third term, said experts. The amount of foreign money trickling into the Indian market will set the direction of the market in the near term. 

Budget 2024 

The full fledged Union Budget to be tabled in Parliament in July is expected to host major announcements for the economy by the Modi government. These proposals spanning across various sectors are set to move indices across the market.