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Indian Stock Market Hits Record High Amid Celebrations of Modi’s Likely Return

© AFP 2023 / INDRANIL MUKHERJEEIndian stock dealers watch stock prices on their screen during intra-day trade at a brokerage house in Mumbai
Indian stock dealers watch stock prices on their screen during intra-day trade at a brokerage house in Mumbai - Sputnik International
The Indian stock market surged with a record high on Thursday as early trends showed a massive victory for Prime Minister Narendra Modi's National Democratic Alliance (NDA) in early vote counting in the world’s largest democracy.

New Delhi (Sputnik): The Bombay Stock Exchange (BSE) Sensex, in a first, crossed the 40,000-mark after climbing around 1,000 points, while NSE Nifty touched the 12,000-level in early trading.

READ MORE: Exit Polls Keep Netizens Busy Debating Indian PM's Likely Re-Election

Investor sentiment has been buoyant since exit polls predicted a stable government and comeback of the Narendra Modi-led government for a second-term. Th rupee and sovereign bonds have also strengthened in the early trading. The rupee strengthened to 69.40 against the US dollar which is its highest in the last three months.

Supporters of India’s Bharatiya Janata Party (BJP) celebrate after learning of the initial poll results at the party headquarters in Lucknow, India March 11, 2017 - Sputnik International
Early Celebrations Break Out at Ruling BJP's Headquarter in New Delhi
The market expects that in second term the government will take firm steps to privatise loss-making state funded units and tighten fiscal policy to give a push to economic growth.

READ MORE: Counting of Votes Begins to Decide Fate of India’s PM Modi

Earlier this week, the United Nations (UN) lowered its forecast for India's annual growth in 2019-20 to 7.1% from its earlier estimate of 7.5% but emphasised that "Strong domestic consumption and investment will continue to support growth, which is projected at 7% in 2019 and 7.1% in 2020".



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