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FxWirePro: India’s Nifty50 reaches record high as Narendra Modi-led BJP sweeps election victory

India’s benchmark stock index Nifty50 touched a new all-time high at 12041 as early vote count suggests a sweeping victory for Prime Minister Narendra Modi led Bharatiya Janata Party (BJP).

  • No result has been announced and counting is still on. But according to counts so far, Narendra Modi’s BJP is leading in 279 seats among 542. 271 needed to claim the majority. It looks like that BJP along without its partner in the National Democratic Alliance (NDA) would win sufficient seats to form a government.
  • BJP’s main rival Congress Party is leading in 62 seats, a better performance than the last election but far too short of the target.
  • Regional parties are leading in 196 seats.

After reaching a new all-time high, Nifty50 is retracing some of the gains and currently trading at 11900 area, up 1.4 percent for the day so far. Similarly, the Indian rupee has retraced some of the gains but still up 0.15 percent against the USD, trading at 69.55 per USD.  

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