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FxWirePro: INR, Nifty gains on exit polls predicating victory for PM Modi

India’s benchmark stock index Nifty50 and Indian rupee are up substantially as the majority of the exit polls released after the end of the month-long voting cycle on Sunday predicted a sweeping victory for Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) government.

  • Nifty50 retraced some of the gains after reaching 11700 resistance area. The index is currently trading at 11680, up 2.4 percent for the day so far.
  • Similarly, the Indian rupee has also retraced some of the gains after reaching 69.35 per USD. The exchange rate is currently at 69.6 area, up almost a percent for the day so far.

Sunday concluded the month-long election in the world’s largest democracy that was held in seven phases across the country where close to 800 million people voted to select the next government. Though Prime Minister Narendra Modi’s BJP s unlikely to win an outright majority like the last election, majority of the exit polls are predicting a sweeping victory for BJP led National Democratic Alliance (NDA).

Words of caution: Historically speaking, the exit polls in India are more often incorrect than not due to the immense size of the voting population.

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