Stock traders seek cues from poll shadow bets
Business Standard|May 23, 2024
Traders in the stock markets are turning to illegal election betting platforms for clues to combat the uncertainty facing citizens and markets alike regarding the outcome of a long general elections.
Stock traders seek cues from poll shadow bets

Weeks before vote counting set for June 4, stock markets are closely tracking shadow-betting platforms that are flourishing nationwide, with wagers now suggesting the ruling Bharatiya Janata Party (BJP) will win a slimmer majority than expected.

Having reached record highs just before voting began, S&P BSE Sensex benchmark has turned volatile as reports of lower turnout and voter fatigue fan doubts about the margin of victory for the ruling party. The shadow betting market now predicts Prime Minister Narendra Modi's party will win just under 300 of parliament's 543 seats, not the super majority of close to 400 it sought.

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