Indian shares after exit polls show Modi victory

Published: May 20, 2019 13:16:08 | Updated: May 23, 2019 15:42:17

File Photo (Collected)

Indian shares surged on Monday, a day after exit polls showed Prime Minister Narendra Modi would retain power with a bigger majority in the parliament, with financials leading the charge.

Exits polls, following the mammoth seven-phase voting, showed Modi’s National Democratic Alliance (NDA) projected to win between 339 and 365 seats in the 545-member lower house of parliament.

The broader NSE index was up 2.22 per cent at 11,660.45 as of 0347 GMT, while the benchmark BSE index was 2.31 per cent higher at 38,807.88, reports Reuters.

India’s NSE stock futures listed on the Singapore exchange, an indicator for the broader NSE index, was up 2.02 per cent as of 0348 GMT, after rising as much as 2.76 per cent.

Financial stocks led gains, boosted by Yes Bank Ltd, which was up 6.2 per cent, and State Bank of India Ltd, which surged 5.4 per cent.

The Nifty IT index was down 1.0 per cent, dragged by Infosys Ltd’s 1.3 per cent fall, as the rupee rallied.

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