Indian stocks surge as opposition secures landslide win

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%. But the gains proved to be short-lived: as of 9:30am UK time, the Sensex was up just 1% at 24,114. 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 i...