Thursday 19 October 2017

Indian shares soar 6pc on poll results

Indians wait in line to vote at a polling station
Indians wait in line to vote at a polling station

Shares jumped in India on news that opposition candidate Narendra Modi's pro-business Hindu nationalist party enjoyed the biggest victory in 30 years after Indian voters queued to cast their votes (left).

The rupee broke below 59 to the US dollar, an 11-month high, and the country's benchmark stock index jumped 6pc to a record high before paring gains. Betting on a Modi win, foreign investors have poured $16bn (€10.7bn) into Indian stocks and bonds in the past six months.

Irish Independent

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