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Congress admits India poll defeat Congress admits India poll defeat
(about 2 hours later)
Indian stocks have rallied to a record after early vote counting showed opposition leader Narenda Modi to be leading the election polls. Indian stocks rise as votes from India's general election indicated the leader of the opposition Baratiya Janata Party (BJP), Narenda Modi, would be the next prime minister.
The benchmark Sensex index jumped more than 4% to reach 24,956 at the open of trade on Friday, surpassing its previous high. The Sensex index rose 6% to a record 25375.63, before falling back.
The broader NSE share index also rose 2.1% to hit a record. Both foreign and local investors are buying in the hope that BJP reforms will revive the Indian economy.
India's currency, the rupee, gained in value to reach a nearly 10-month high against the US dollar. Mr Modi says he will improve infrastructure and energy investment to revive economic growth in India.
The world's most populous democracy is set to release its election results after a mammoth five-week vote.The world's most populous democracy is set to release its election results after a mammoth five-week vote.
The opposition Bharatiya Janata Party (BJP) and its allies have been leading the exit polls and are widely believe to win a resounding victory. Preliminary figures from the Election Commission show the BJP winning more than the 272 seats of the 543-seat parliament, with Congress, which has pretty much ruled India since independence in 1947, likely to hold fewer than 50 seats.
Early counting of results on Friday showed the BJP and its allies ahead in 249 parliamentary seats, with the ruling Congress party alliance holding 67. India's stock market has hit repeated highs this week as foreign investors placed their bets on a win by Mr Modi.
"This is undoubtedly going to be a BJP government," said Prannoy Roy, the head of India's NDTV news channel.
India's stock market has hit repeated highs this week as foreign investors placed their bets on a win by Mr Modi, who is expected to be a pro-business leader if he becomes prime minister.
Mr Modi has pledged to promote infrastructure and power investment projects to revive economic growth in India.
Asia's third-largest economy has struggled with rising price pressures and problems with bureaucracy and corruption.Asia's third-largest economy has struggled with rising price pressures and problems with bureaucracy and corruption.
Desmond Chua from CMC Markets says investors are excited by the prospect of reforms.Desmond Chua from CMC Markets says investors are excited by the prospect of reforms.
"India's Sensex has been on a relentless rally due to build in expectations of a positive election outcome, with opinion polls pointing towards a single coalition led by BJP's Narendra Modi," he said."India's Sensex has been on a relentless rally due to build in expectations of a positive election outcome, with opinion polls pointing towards a single coalition led by BJP's Narendra Modi," he said.
"In the event that we see anything else, especially in the case of a hung parliament, we can expect to see a deep correction after such a huge rally.""In the event that we see anything else, especially in the case of a hung parliament, we can expect to see a deep correction after such a huge rally."