Indian stocks surge to record highs as Modi looks set to clinch second term
Narendra Modi leads the vote count and is almost certainly going to be able to form a single-party majority
Both the Sensex and Nifty indices have hit record highs with the former crossing over the 40,000 level for the first time while the latter moves above the 12,000 level for the first time ever as well. The euphoria comes as incumbent prime minister, Narendra Modi, looks set for a second term in office, according to the current vote count.
That is helping to settle some nerves among investors in Indian assets after six weeks (!) of polling. The result here represents a striking vote of confidence in Modi's leadership despite some bumps along the road (the jobs data scandal earlier this year in particular) as India's economic expansion continues.
The rupee is more calm and settled though, with USD/INR sitting at 69.47 currently but that already comes after a good deal of strengthening in the Indian currency when markets began trading at the start of this week.