Economy

xchrom

(108,903 posts)

22. INDIA STOCKS LEAP AS VOTE COUNT FAVORS MODI WIN

Fri May 16, 2014, 07:57 AM

May 2014

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-16-05-27-49

HONG KONG (AP) -- Indian stocks jumped Friday as preliminary results from national elections indicated the pro-business opposition had won a landslide victory. Other global markets were subdued following lackluster economic indicators.

Indian stocks have been rising since voting in the world's most populous democracy got underway six weeks ago. Investors have been anticipating of a victory for the Bharatiya Janata Party and its allies.

Narendra Modi, the party's candidate for prime minister, has campaigned on a pledge to revive economic growth amid widespread dissatisfaction with the ruling Congress party after a decade in power. Full results are expected later Friday.

The Sensex stock index in Mumbai surged in early trading, jumping as much as 6.1 percent to touch an all-time high of 25,375.63, before paring gains. It was 1.3 percent higher at 24,192.77 in afternoon trading. India's currency also strengthened. The dollar fell to 59.05 Indian rupees from 59.46 rupees Thursday.

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