- Title: INDIA: Indian stocks hit record high as Narendra Modi heads for resounding win
- Date: 16th May 2014
- Summary: MUMBAI, INDIA (MAY 16, 2014) (ORIGINALLY 4:3) (ANI - NO ACCESS BBC) VARIOUS OF EXTERIOR OF BOMBAY STOCK EXCHANGE (BSE) BUILDING / PEOPLE WALKING ON STREET MAN WORKING ON COMPUTER IN OFFICE VARIOUS OF ELECTRONIC BOARD DISPLAYING STOCK MARKET RATES HANDS TYPING ON KEYBOARD STAFF WORKING IN OFFICE COMPUTER SCREEN (SOUNDBITE) (English) STOCK MARKET EXPERT, SUNIL SHAH, SAYING: "As the market opened, it opened with almost 1,000 points up BSE Sensex because the early trends, which we are just now watching on the television, are suggesting that it is in line with expectation of exit poll and that's the reason that market has given a thumbs up, 800 points, ah currently it is up by 900 points, so I think it's going as per what people had expected." NEW DELHI, INDIA (MAY 16, 2014) (ORIGINALLY 4:3) (ANI - NO ACCESS BBC) OFFICIALS COUNTING VOTES ON ELECTRONIC VOTING MACHINES (EVMS) ELECTRONIC VOTING MACHINE OFFICIALS LOOKING AT VOTING MACHINE PEOPLE COUNTING VOTES SUPPORTERS OF INDIA'S MAIN OPPOSITION, BHARATIYA JANATA PARTY (BJP), DANCING AND CELEBRATING CUT OUT OF BJP'S ELECTION SYMBOL "LOTUS" MADE OF FLOWERS HELD BY SUPPORTERS POSTER BEARING PHOTOGRAPH OF OPPOSITION CANDIDATE, NARENDRA MODI, STUCK ON LOTUS AHMEDABAD, GUJARAT, INDIA (MAY 16, 2014) (ORIGINALLY 4:3) (ANI - NO ACCESS BBC) BJP SUPPORTERS WITH FLAGS FLAG/MAN HOLDING BJP FLAG VARIOUS OF MEN BEATING DRUMS BJP SUPPORTERS SHOWING THUMBS UP AND HOLDING MODI POSTERS SUPPORTERS PLAYING DRUM MEN PLAYING FLUTE BJP SUPPORTERS AND WORKERS DANCING AND CELEBRATING
- Embargoed: 31st May 2014 21:25
- Keywords:
- Location: India
- Country: India
- Topics: Economy,Politics
- Reuters ID: LVA3FW8H3TOX7CIW45LYWF9UR18O
- Aspect Ratio: 4:3
- Story Text: India's Bombay Stock Exchange (BSE), soared to a record high on Friday (May 16) while the rupee strengthened to a 10-month high against the dollar, buoyed by early trends showing reform-friendly Narendra Modi's party racing to a convincing win in general elections.
The BSE Sensex touched a life high of 25,033 in trade while the National Stock Exchange, Nifty, hit a new high of 7,459.
In India's financial capital Mumbai, stock market expert Sunil Shah said early trends were in line with market expectations which had fuelled the current rally in prices.
"As the market opened, it opened with almost 1,000 points up BSE (Bombay Stock Exchange) Sensex because the early trends, which we are just now watching on the television, are suggesting that it is in line with expectation of exit poll and that's the reason that market has given a thumbs up... currently it is is up by 900 points, so I think it's going as per what people had expected," he said.
The partially convertible rupee was trading at 58.80 per dollar after hitting as much as 58.71. The local currency closed at 59.29/30 on Thursday (May 15).
The Nifty has gained 21.8 percent since September 13 when Modi was named as BJP's prime ministerial candidate, with foreign investors buying 826.80 billion rupees ($13.83 billion) worth of stocks during this period.
Early counting of results showed Modi on course for a resounding victory that would hand him a clear mandate to govern the nation of over 1.2 billion people.
According to the trends made available by India's independent Election Commission, Modi's Hindu nationalist Bharatiya Janata Party (BJP) and its allies were leading in 286 parliamentary seats. The ruling Congress party alliance was ahead in just 50.
Rahul Gandhi, who led the Congress campaign, was lagging in the constituency where he stood for election. A loss there would spell disaster for the great grandson of India's independence leader and cast the political future of the Nehru-Gandhi dynasty into serious doubt.
If early trends are confirmed, the BJP and its allies would win an absolute majority of more than 272 seats in the Lok Sabha (Lower House of the Indian Parliament).
Such an outcome would open the way for Modi to become prime minister and act quickly to form the core of a new government by naming loyalists to the prized cabinet posts of finance, home, defence and external affairs. - Copyright Holder: ANI (India)
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