Indian stocks reached a record high on Thursday (23 May) as investors welcomed the stability on offer with early polls indicating the country's Prime Minister Narendra Modi and the ruling Bharatiya Janata party (BJP) are set to command a large majority in their second term in office.
The country's benchmark BSE SENSEX was up by just over 2% on the previous day's trading as news of the likelihood of BJPs win pushed the index up over 40,000 for the first time. At market close, the index's gain receded to roughly the same level as before the electoral news broke. Meanwhile, the rupee strengthened marginally against the dollar. Diwali gallery: EM and India managers pick their top Indian stocks Modi, who is a popular figure among emerging markets investors for his pro-growth and economic modernisation policies, now looks set to secure a historic landslide despite ma...
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