Stock prices in India surged after surveys indicated a significant lead for Prime Minister Narendra Modi’s party in the recent elections that ended on Saturday.
The main stock index, Nifty 50, saw a big jump in June contracts during early trading on Monday, going up nearly 3%. This is the biggest increase ever for the contract started in Gujarat International Finance Tec-City in July 2023.
The jump came after most pollsters predicted that the Bharatiya Janata Party-led alliance would win between 350 and 400 seats in total, well over the 272 seats needed for a majority in the 543-seat lower house of parliament. Vote counting is set for Tuesday.
In the current election, the Modi-led Bharatiya Janata Party (BJP) is up against the Indian Alliance, led by the Congress Party. Modi aims to continue his tenure and has emphasized his vision of elevating India’s economy and achieving developed nation status by 2047.
However, he faces criticism, particularly from Muslim groups, for his divisive rhetoric. Modi is relying on support from the Hindu community.
Vote counting is expected to take place on Tuesday, following the completion of the final round of voting today, with results anticipated on the same day.