Narendra Modi, Prime Minister of India, center, during an election rally in Agra, Uttar Pradesh, India, on Thursday, April 25, 2024. Modi doubled down on his attacks against the main opposition party using language that critics say sows division among the country’s political parties. Hindu majority and Muslim minority. Photographer: Prakash Singh/Bloomberg via Getty Images
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India’s stock gauges hit record highs during the day on Monday, with the Nifty 50 index and the S&P BSE Sensex Total Return index rising more than 3%.
Both indexes hit record highs and posted their best intraday gains since February. January 1, 2021, according to LGEG data.
Local exit polls conducted over the weekend predicted that Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance are poised for a rare third consecutive term in power.
The BJP-led National Democratic Alliance is expected to do so Securing about 365 seats out of 543 seats In the lower house of the Indian Parliament, according to a poll summary conducted by local news channel NDTV. However, the final results expected on Tuesday could differ from opinion poll expectations.
With the next government expected to give high priority to building infrastructure development in India, shares of Adani Group companies rose on the back of opinion poll results as well.
Adani Ports rose more than 10% and Adani Projects rose 7%. Shares of Ambuja Cement, one of India’s leading cement companies, rose nearly 6%.
“We will see continued infrastructure building on the housing, transportation and digital side,” said Malcolm Dorson, a senior portfolio manager and head of emerging markets strategy at Global X.
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