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Indian markets rally on hopes of opposition’s victory

Indian markets rally on hopes of opposition’s victory

Reuters, Mumbai
National Stock Exchange of India
National Stock Exchange of India

Indian shares hit a third consecutive record high while the rupee and bonds gained in early trade today after exit polls showed the Bharatiya Janata Party and its allies winning a majority in the country's elections.

Hindu nationalist Narendra Modi is set to become India's next prime minister, four major exit polls showed on Monday, with his opposition party and its allies forecast to sweep to a parliamentary majority in the world's biggest ever election.

The broader NSE stock index (.NSEI) surged 0.94 percent to a record high of 7,080 in pre-open trade. The partially convertible rupee was trading at 59.62/63 per dollar by 2340 ET ( 0340 GMT), compared with its previous close of 60.05/06.

The benchmark 10-year bond yield opened 3 basis points lower at 8.70 percent, its lowest since March 13, before retreating slightly to trade at 8.71 percent.

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