You are here: Home - Investing -

Indian stocks surge as opposition secures landslide win

0
Written by:
16/05/2014
Indian stocks have hit a fresh all-time high, with the rupee hitting a 10-month high of its own, as early vote counts in the general election point to a resounding win for the main opposition party, Bharatiya Janata Party.
Indian stocks surge as opposition secures landslide win

The BSE Sensex index shot past the 25,000 mark, reaching a high of 25,376, as Indian stocks climbed as much as 4.5% on news that Narenda Modi’s investor-friendly BJP looked set for a landslide victory.

Indian banks such as Canara Bank and ICICI Bank leading the way, rising as much as 7%, as the index traded around 3.4% higher shortly before the close.

Meanwhile, the rupee jumped 0.9% to 58.75 against the US dollar, having traded above 60 for most of the year.

According to reports, the BJP party is leading in 250 of the 485 seats for which initial indications are available, while the ruling Congress party is leading in 49 seats, with the final results expected later. It must secure 272 seats of the total 543 available to have a majority.

The Congress party subsequently conceded defeat this morning, with Modi declaring on Twitter that “good days are here again”.

The BJP is seen as a more business-friendly alternative than the current ruling party, and aims to implement growth-boosting economic reforms.

Those expectations are partly due to the investor-friendly record of party leader Modi during his rule of the state of Gujurat.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • @YourMoneyUK All you need to know about the latest Current Account Switching winners and losers - hats off to Starl… https://t.co/fAyHhplpoP
  • RT @WeareJust_PR: Many people struggling to make ends meet may not realise they are entitled to financial help or find the system too confu…
  • RT @WeareJust_PR: Many people struggling to make ends meet may not realise they are entitled to financial help or find the system too confu…

Read previous post:
FTSE 100: This morning’s risers and fallers

Equities were slightly higher early on following yesterday's sharp falls worldwide in reaction to weak data on growth in the...

Close