Modi juggernaut rolls on, markets fizzle after early euphoria, and more top news

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Prime Minister Narendra Modi-led BJP romped home to a landslide victory in the Lok Sabha polls, winning 299 seats while leading in four more at last count. The mega mandate – driven by a 6.4% rise in 2014 vote share to 37.4% – makes Modi the first PM after Jawaharlal Nehru and Indira Gandhi to win back-to-back terms with a full majority. Opposition Congress saw another major drubbing, losing its hold over several bastions. All eyes are now on the new Cabinet: Amit Shah could be rewarded with the home ministry while Arun Jaitley may sit out. Here's what people are saying.

Benchmark indices hit historic highs yesterday, buoyed by early trends that the NDA was headed for an emphatic win. The Sensex and the Nifty scaled 40,000 and 12,000 in intra-day trade, respectively, but failed to hold on to the gains following profit-booking. The Sensex closed 299 points lower at 38,811 while Nifty was down 55 points at 11,683. Analysts seem divided on the market’s course in the immediate term. Some expect a drop of about 5% on worries about a domestic slowdown while others feel the decisive mandate may mean a short-term euphoria – an opportunity to pare excess equity exposure. Here's what people are saying.

The Hindujas and Etihad have failed to reach a pact over Jet Airways, potentially dashing the airline’s last hope of flying again, Business Standard reports. An unidentified source told the publication the Hindujas were “uncertain” about buying into the carrier and initial talks were unlikely to “translate into investment”. Meanwhile, lenders are said to have expressed reservations about talking to unsolicited bidders, who lack the financial and managerial depth needed to revive the airline. Jet’s case could now be headed for the National Company Law Tribunal.

Electric three-wheelers and two-wheelers (under 150cc) are likely to become mandatory by April 2023 and April 2025, respectively. These radical proposals of an expert panel, Times of India reports, are aimed at curbing vehicular pollution, reducing dependence on oil and making India a global EV manufacturing hub. Vehicles registered before the cut-off dates won’t be impacted but they will face a clear scrapping policy, along with penalties based on the “polluter pays” principle. Indians purchase over 2 crore two-wheelers every year, which together with autos and other three-wheelers make up 75% of the country’s traffic. Here's what people are saying.

Anil Ambani’s Reliance Capital is exiting the mutual funds business. The company will sell its 43% holding in Reliance Nippon Life Asset Management to equal partner Nippon Life and other financial investors for ₹6,000 crore – and use the proceeds to slash its debt by a third. Separately, Nippon Life will make an open offer to public shareholders, taking its stake in the venture to 75%. Earlier this year, Anil Ambani nearly went to jail after Reliance Communications failed to repay ₹550 crore to Ericsson, but was bailed out by elder brother Mukesh.

Idea of the Day: Care deeper about your friends and colleagues, UPS Chairman and CEO David Abney advises to the class of 2019.

"If you focus on others — rather than yourself — it normally works out in the end."

- Abhigyan Chand/Share this using #DailyRundown