Indian stocks rose to record highs in a volatile trading session after vote counts showed the main opposition alliance set for the biggest election win in 30 years. The rupee strengthened, while the India VIX tumbled.
The S&P BSE Sensex increased 0.9 percent to 24,121.74, after swinging between a gain of 6.1 percent and a loss of 0.1 percent. The rupee rose 0.9 percent against the dollar. The India VIX sank 34 percent as the stock market moved in a narrower trading range than the last election in 2009, when the Sensex surged 17 percent. The Bank of New York Mellon India ADR Index gained 3.4 percent after the close of trading in Mumbai.