Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats

mark mobius reveals how markets will react if nda wins 400+ lok sabha seats

FILE PHOTO: Mark Mobius, when executive chairman at Templeton Emerging Markets Group, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian/File Photo

Ace investor Mark Mobius said on Wednesday, May 15, Indian markets will do well and move up if the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) gets more than 400 seats and it will be good for the economy.

"It will be good news for the market. More importantly, it will be good for the economy," Mobius told CNBC-TV18, while discussing why there has been a volatility in the Indian markets and the reason for heavy selling by foreign institutional investors (FIIs).

So far in May, FIIs have sold shares worth ₹33,540 crore, according to data available on Moneycontrol. Since April when the election process began, FIIs have offloaded $6 billon.

Mark Mobius attributed this to the prevailing uncertainty arising from the election.

"It’s probably because of the uncertainty arising from the election. Investors, not only foreign investors, but investors anywhere in the world, including Indian investors tend to hate uncertainty. They don't want it to be uncertain."

Mobius emphasised that a strong NDA mandate will help the government pursue ambitious policy objectives aimed at fostering growth and accelerating technology adoption across sectors.

The ace investor highlighted the importance of the government's role in creating an environment conducive to attracting foreign investors.

"There is an incredible opportunity for India to become the centre for technical innovation and technical manufacturing. And that will depend on the degree to which the Indian government is able to attract these large manufacturers, from China, Taiwan US, Japan, etc. And that, of course, depends on the degree of bureaucracy and restrictions that the Indian government imposes. And my reading is that the Modi government will probably try to make it more attractive and loosen up these restrictions, which will attract more foreign investors.”

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