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India Opposition Set to Win State Elections Before 2014 Vote

India’s main opposition party is set to win four of five state elections held over the past month, wresting power from the ruling Congress party in one area and giving it momentum ahead of national voting next year.

The Bharatiya Janata Party, which picked Narendra Modi as its choice for prime minister, is set to retain two states, take power from Congress in another and win the most seats in the capital New Delhi, according to an exit poll yesterday conducted by C-Voter and broadcast on the Times Now television channel. The rupee surged to a five-week high today, while stocks and government bonds rose.