Sunday, May 24, 2015Sunday, May 24, 2015

India polls: Stocks surge to record high on hopes of BJP sweeping the polls

Published on May 16, 2014 12:32 PM

MUMBAI (AFP) - India's stock market jumped more than four per cent to a record high Friday as election results indicated Hindu nationalist party leader Narendra Modi was set to become the country's next prime minister.

The benchmark Bombay Stock Exchange index, known as the Sensex, rose 4.40 per cent, or 1,051.00 points, to 24,956.60 shortly after opening.

Among the biggest gainers were Power Finance Corp, which surged 10.02, the Punjab National Bank (9.99 per cent) and jewellery retailer the Titan Company (9.16 per cent).

The Indian rupee also surged 0.92 per cent to 58.75 to the dollar from its previous close of 59.29.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!