Indian Stocks Lead Gains in Asia as Modi Ally Pledges Support

NSE Nifty 50 Index logs its biggest jump since February 2021
Adani Group shares, consumer companies among top gainers

Narendra Modi vowed to continue as India’s prime minister even after his party lost its majority in parliament, forcing him to rely on allies to form a government for the first time since he stormed to power a decade ago. “The NDA is set to form a government for the third consecutive term,” Modi said to supporters in New Delhi.Source: Bloomberg

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By Ashutosh Joshi and Chiranjivi Chakraborty

June 5, 2024 at 1:11 AM UTC

Updated on

June 5, 2024 at 10:55 AM UTC

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Indian stocks rebounded after a key ally of the political alliance led by Prime Minister Narendra Modi’s party affirmed support for the formation of the next government.

N. Chandrababu Naidu, leader of regional Telugu Desam Party, pledged his party’s commitment to the National Democratic Alliance. Modi’s Bharatiya Janata Party lost its majority in parliament and needs to rely on allies to stay in power in for a third term.