India’s Stock Market Hits Record High After Elections

India’s benchmark stock index advanced to a record high Monday as investors cheered the results of weekend elections that could lead to economic reforms.
The Mumbai Sensex closed up 1.6% after gaining as much as 2.3% earlier in the day. Market enthusiasm also drove the Indian rupee to its highest level against the dollar in more than four months.

Investors are optimistic after a strong performance from the main opposition Bharatiya Janata Party in state assembly elections. Much of the BJP’s success came at the expense of the Congress Party, which suffered one of its worst defeats in recent history.
The results of the election, which polled one in six Indians, should put BJP in the driver’s seat to lead a coalition government after national polls are conducted next year. BJP is one of the most business-friendly political parties in India.

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza