Indian stocks have hit a fresh all-time high, with the rupee hitting a 10-month high of its own, as early vote counts in the general election point to a resounding win for the main opposition party, Bharatiya Janata Party.
The BSE Sensex index shot past the 25,000 mark, reaching a high of 25,376, as Indian stocks climbed as much as 4.5% on news that Narenda Modi's investor-friendly BJP looked set for a landslide victory. Indian banks such as Canara Bank and ICICI Bank leading the way, rising as much as 7%, as the index traded around 3.4% higher shortly before the close. Meanwhile, the rupee jumped 0.9% to 58.75 against the US dollar, having traded above 60 for most of the year. According to reports, the BJP party is leading in 250 of the 485 seats for which initial indications are available, while the ru...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
