Indian Stocks Rise to Record as Polls Show Modi Win
This article is for subscribers only.
Indian stocks advanced to all-time highs and the rupee strengthened after exit polls showed the main opposition alliance led by Narendra Modi probably won the most seats in national parliamentary elections.
The S&P BSE Sensex added 1.4 percent to a record 23,871.23 at the close in Mumbai. The rupee climbed 0.6 percent, the most since April 25, to 59.67 per dollar, reducing some of its early gains as traders said the central bank probably intervened. India VIX, a measure of the cost to protect against swings in the nation’s stock market, sank 14 percent, the most since December.