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Congress admits India poll defeat | Congress admits India poll defeat |
(about 2 hours later) | |
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 Sensex index rose 6% to a record 25375.63, before falling back. | |
Both foreign and local investors are buying in the hope that BJP reforms will revive the Indian economy. | |
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. |
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. | |
India's stock market has hit repeated highs this week as foreign investors placed their bets on a win by Mr Modi. | |
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." |