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India polls: Stock markets surge record high on exit poll bets

Published on May 12, 2014 7:28 PM
 

MUMBAI (REUTERS) - Indian shares surged to their second consecutive record high on Monday as blue-chips such as Larsen & Toubro jumped on rising hopes that exit polls would show the Bharatiya Janata Party and its allies winning a majority in the elections.

The benchmark BSE index rose as much as 2.52 per cent to a record high at 23,572.88, while the broader NSE index rose as much as 2.35 per cent to a life high of 7,020.05, surpassing its previous record hit on Friday.

The optimism comes even as exit polls by media organisations - due to be released after 1830 India time on Monday (9:00 pm, Singapore time) once the last votes are cast - have proven unreliable in the past. Actual results for India's five-week long elections are due on Friday.

A win for a BJP-led coalition is widely seen as setting the stage for a revival in confidence, investment and growth as Asia's third-largest economy steers through a rough patch.

 
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