Bombay Stock Exchange. Fil Photo
Indian stocks jumped to a record highs Thursday as early results in the world's biggest election showed Prime Minister Narendra Modi on course for a second term.
The Bombay Stock Exchange's Sensex index jumped more than two percent to pass the 40,000 mark for the first time ever while the Nifty crossed 12,000 points, also a new landmark.
India's rupee also strengthened, hitting 69.51 against the dollar from 69.67 late Wednesday, as traders welcomed trends that showed Modi's Hindu nationalist Bharatiya Janata Party (BJP) was set to win a majority.
After almost three hours of counting, figures from the Election Commission showed the BJP in the lead in 291 seats out of 542 with the rival Congress on just 51.
If confirmed -- no results have been published yet -- this would push the BJP over the 272 seats needed for a majority.
It could also beat its tally of 282 when Modi swept to power in the world's biggest democracy in 2014 with the first majority in 30 years.
The result would give the BJP and its allies, which early trends suggested would win close to 50 seats, a commanding majority of around 330 seats.
Indian stock markets have rallied since exit polls on Sunday pointed to a Modi triumph.
On Thursday, the benchmark Sensex rose more than two percent to peak at 40,124.50, while the Nifty, a smaller index based on 50 Indian companies also increased more than two percent, touching a new record of 12,041.00.
"PM Narendra Modi", a biopic on Prime Minister Narendra Modi, raked in nearly Rs3 crore (Rs30 million) on the first day of its release.
India has raised its import duty on wheat to 40 per cent from 30 per cent, the government said late on Friday, as the world’s No.2 producer of the grain tries to support local farmers
Indian shares hit a record high on Monday after exit polls from the country’s marathon election indicated a new term for Hindu nationalist Prime Minister Narendra Modi. While opposition parties refused to concede and the country faces a nerve-jangling three day wait until the official count begins,
Congress President Rahul Gandhi said on Monday that nearly 25 crore poor people in the country will get financial assistance of Rs 72,000 per annum if the party is voted to power under the ambitious minimum income guarantee scheme which the party has named "Nyay."
European diplomats on Thursday welcomed the clarity an apparently decisive election victory for the Conservative party gave to Britain's stalled withdrawal from the EU, but said it would be challenging to agree a trade deal the end of 2020.
His Highness Dr. Sheikh Sultan Bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, on Thursday, dedicated two rare manuscripts to the Islamic Manuscripts House at Al Qasimia University.
A multi-ethnic group of professionals raised the flag of the UAE at a recent international convention in the US when it bagged the highest award at the “ASNT Annual Conference” in Houston, Texas.