Indian stocks, rupee rally as Modi vote win predicted

AFP – Indian stocks and the rupee soared on Monday as exit polls predicted a second term for business-friendly Hindu nationalist Prime Minister Narendra Modi, traders said. 

Several polls indicated Modi’s Bharatiya Janata Party (BJP) and its National Democratic Alliance would win a parliamentary majority after voting concluded on Sunday.

The Bombay Stock Exchange Sensex index surged more than two percent in early trading Monday, while the rupee was trading at 69.49 per dollar, compared with its Friday close of 70.22.

The official count from the seven rounds of voting held over six weeks is to start on Thursday.

The BJP won a landslide victory in 2014 promising a pro-business platform, though its economic record since has been criticised.