India’s benchmark index surged to a record high Friday after initial election results suggested a sweeping victory for Narendra Modi and the pro-business Bharatiya Janata Party.
Investors reacted to the news with marked enthusiasm, sending Mumbai’s Sensex index up by more than 5% after the opening bell. The rupee strengthened 1.3% and hit a new 10-month high against the dollar.
The prospect of a Modi-led government has helped boost India stocks by almost 18% since the start of the year. The rupee has responded too, clawing its way back from a dismal performance in 2013.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.