‘Biden to Be Less Hostile’: Saurabh Mukherjea on Stock Market Rise

Post Biden win and just before Diwali, Indian stock markets are at an all-time high.

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2 min read

Video Editor: Abhishek Sharma

“United States President-Elect Joe Biden will be less hostile towards Indians going to America,” Saurabh Mukherjea, Founder and Chief Investment Officer Marcellus Investment Managers, told The Quint’s Editorial Director Sanjay Pugalia on Monday, 9 November.

Post Biden win and just before Diwali, Indian stock markets are at all-time high. Sensex, on Monday, rallied for the sixth consecutive session and closed at a record high supported by positive global cues, Moneycontrol reported.

At close, Sensex was up 704.37 points or 1.68 percent at 42,597.43, while the Nifty was up 197.50 points or 1.61 percent at 12,461.

In the opening session on Monday, Sensex had rallied 567.45 points to a record high of 42,460.51 in the opening session, while Nifty surged 163 points to 12,426.55, PTI reported.

The Biden Impact

Speaking to The Quint, Saurabh Mukherjea said that the theory that Biden will be more friendly towards emerging markets has contributed significantly to the rise in stock markets.

He also stated that “there is no proof that Trump’s anti-China rhetoric had any impact on trade flow.”

Biden, Saurabh Mukherjea said, will expedite the fiscal stimulus. In Biden’s America, the “rich” may get taxed more.

Saurabh Mukherjea’s Advice

Further, Saurabh Mukherjee said that the COVID-hit economy has begun to recover and global liquidity has improved.

Mukherjee in his conversation with The Quint also said that Indian IT companies could benefit, API manufacturing could improve now and defence sector could grow.

Saurabh Mukherjee further advised Indians to invest in companies with clean accounts, to look for companies selling essential products and to opt for companies which have a tough barrier for entry.

He further discussed the “Bahubali Theory”.

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