New Delhi: Indian stock markets rose to a record
high on Monday, while the Indian rupee rose to the highest in four
months, a day after the main opposition Bharatiya Janata Party (BJP)
secured an absolute majority in three of the four state assembly
elections.
The markets are counting on the Narendra Modi-led BJP coming to
power in the 2014 general elections and while state election results
can’t be extrapolated into general elections, they do serve as an
indicator of the mood of the nation.
The benchmark BSE Sensex rose 2.3% in early trade to
21,483.74 points, while the broader Nifty on the National Stock Exchange
rose to 6,415.25 points, its new high.
The benchmark BSE Sensex rose 2.3% in early trade to
21,483.74 points, while the broader Nifty on the National Stock Exchange
rose to 6,415.25 points, its new high.
Meanwhile, the Indian rupee rose to 60.85 per dollar, a
level last seen on 12 August. At 09.07am, the domestic currency was
trading at 60.9963 per dollar, up 0.69% from its previous close of
61.415.
Results for the four assembly elections were announced on
Sunday. The BJP swept to power in Rajasthan and retained Madhya Pradesh
and Chattisgarh. It also emerged te single largest party in Delhi.
Several brokerages have already put out reports in how
the BJP coming to power in 2014 would be good for the economy and the
market.
The ruling United Progressive Alliance (UPA), which has
been in power since 2004, has come under fire for corruption scandals
and is mismanagement of the economy. India’s once booming economy
expanded by a decade’s low of 5% in 2012-13MUNTAZIR ALAM
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