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Market Update

Modi's Historic Win Hearlds Stable Government in India

Author: Bikram Pandey
Last Update: 4:29 PM ET May 16 2014

Indian voters offered a resounding victory to Narendra Modi and BJP led alliance in the latest Lok Sabha election as the economy stagnated and ruling Congress Party struggled with corruption scandals.

“People rose above cast rhetoric, a new foundation has been laid and will build a new shining India in the coming days,” Modi said at the first rally in Vadodara after the results were announced.

Modi also highlighted his tireless work ethic and said India just selected “number one blue-collar worker.”

Modi held his first rally in Vadodara, Gujarat where he won with a landslide and a margin of 518,000 votes.

He also won at the second seat in Varansi with a large margin of more than 336,000 votes and defeated Arvind Kejriwal, the leader of newly formed AAP party.

Five-week long elections ended on May 12 and vote-counting began early today.

As results started trickling in, early lead established by the BJP-led-alliance only got stronger.

At the final count, of the 543 contested seats, Bhartiya Janata Party won outright majority with 283 seats and the National Democratic Alliance won 337 seats. BJP leads the alliance.

Indian National Congress trailed with a win of 43 seats and its UPA alliance won 58 seats.

In the critical Uttar Pradesh, Congress won only two of the 80 seats and BJP swept 77 seats. Sonia and Rahul were the only two winners from Congress in the state.

This was the worst showing of the Congress Party in six decades and the party leaders Sonia Gandhi and Rahul Gandhi accepted the defeat. Congress Party has dominated Indian politics for nearly all of its 128 years.

“Congress has done badly, there is a lot for us to think about. As vice president of the party I hold myself responsible,” Rahul said to reporters in New Delhi.

Congress held more than 400 seats in the Lok Sabha after 1984 elections, and since then the party has steadily lost its standing with voters.

After the latest election, the party will not qualify for the opposition party status as Congress failed to win 10% of votes.

Energetic Campaigner Modi

Modi wave swept most of the states in Western India and Congress failed to win a single seat in seven states, its worst showing ever since the independence in 1947.

Narendra Modi ran an efficient campaign and focused on younger voters and campaigned on the platform of good governance and infrastructure development.

Modi was announced as prime ministerial candidate by the BJP party in September. After the announcement Modi traveled 300,000 kilometers across India and held more than 500 rallies and dominated social media with a constant messaging to younger voters through Twitter, You Tube and other platforms.

His energetic and fresh approach won over many young and first time 100 million voters.

His message resonated with many across ethnic and social classes and voters turned out in droves, 66% cast their ballot according to the Election Commission of India.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc