Reported 4 months ago
Indian stocks hit a record high, and the rupee strengthened as exit polls suggested a significant victory for Prime Minister Narendra Modi’s ruling party in the general elections. The NSE Nifty 50 Index surged 3.3%, reflecting investor optimism in Modi's policies to boost economic growth. The projected victory, coupled with recent ratings upgrades, could reverse over $3 billion in global fund withdrawals from Indian shares. Modi's perceived market-friendly stance and expectations for increased capital spending drove the rally, with state-run companies and infrastructure-linked firms particularly benefiting.
Source: YAHOO