India’s stock market surged to a record high on Monday on hopes for a new, pro-business Indian government led by the Bharatiya Janata Party’s Narendra Modi. The election in India, the world’s largest democracy, began April 7 and was held in nine phases, with exit polls now suggesting that the B.J.P. coalition could receive more than 272 of the lower house’s 545 seats. The Congress party and its allies, which have held power for 10 years, were projected to win 101 to 120 seats, according to Bloomberg. The Indian market is up 12% since last December following signs that a B.J.P. victory was likely. However, optimism must be tempered as India’s exit polls have previously been unreliable, incorrectly calling for a B.J.P. coalition victory in 2004.
Anticipating Strong Mandate for Modi, India’s Stock Market Surges
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