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 attacks against the party main opposition using language that critics say sow division between the country’s Hindu majority and Muslim minority. Photographer: Prakash Singh/Bloomberg via Getty Images
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Stock indexes in India hit record intraday highs on Monday, with both indexes Convenience index 50 And S&P BSE Sensex Total Return Index increased by more than 3%.
Both indexes hit record highs and notched their best daily gains since February 1, 2021, according to LGEG data.
Local opinion polls Prime Minister Narendra Modi and his Bharatiya Janata Party-led coalition over the weekend expected a rare third consecutive term in power.
The BJP-led National Democratic Alliance is expected to guaranteed about 365 out of 543 seats in the Lower House of the Indian Parliament, according to a summary of the poll by local news channel NDTV. However, the final results expected on Tuesday could differ from the poll’s predictions.
With the incoming government expected to give high priority to India’s infrastructure development, shares of Adani Group companies also rose on the back of the poll results.
Adani Port increased by more than 10% and Adani Enterprises increased by 7%. Ambuja Cement, one of India’s leading cement companies, also increased nearly 6%.
“We will see infrastructure continue to be built around housing, transportation and digitally”.
