Economics
Stock Trader Abandons Congress for BJP as Modi Spurs Sensex Gain
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India’s Congress party is claiming credit for a stock-market rally that sent the S&P BSE Sensex index to record highs. Much of the evidence suggests the real catalyst is Narendra Modi, the leader of the opposition party projected to win the national elections.
The Sensex has advanced 16 percent since Sept. 13, when the Bharatiya Janata Party named Modi as its prime minister candidate, the only advance among equity indexes in the four largest emerging markets. A gauge of companies based in Modi’s home state of Gujarat, including Adani Enterprises Ltd., has more than doubled in the period.