Reported 6 months ago
Indian stock futures rose by 1% as Indian Prime Minister Narendra Modi secured crucial backing from two coalition allies, positioning him to form a new government and secure a third term in power. The benchmark NSE Nifty 50 Index saw a 1% advance, indicating that Indian stocks may continue to recover from election-related losses. Modi's Bharatiya Janata Party had to engage in coalition talks after losing its majority in parliamentary elections, leading to an agreement with BJP-led National Democratic Alliance leaders for support. There may be a need for concessions to alliance partners like offering important cabinet positions. While foreign investors sold Indian equities on Wednesday, domestic institutional investors bought shares, hinting at a cautious sentiment despite the market's upward trend.
Source: YAHOO