India's Nifty futures surge 3% as exit polls predict significant victory for Modi

From Investing.com: 2024-06-02 22:05:59

Futures for India’s benchmark index jumped nearly 3% on Monday as exit polls indicated another term for Prime Minister Modi’s NDA alliance. The Nifty 50 hit a record high of 23,377.0 points. Results for the general elections held on June 1 are set to be announced on June 4.

Exit polls suggest NDA alliance could secure a 400-seat majority in the Lok Sabha. Investors have praised Modi’s business-friendly policies, driving India to become the fastest-growing major economy in recent years. Despite challenges like high unemployment and inflation, the economy is projected to continue strong growth this fiscal year.

Support for Modi’s pro-business policies has led to a surge in foreign investment in India’s economy over the past two years. A BJP victory is expected to benefit manufacturing and infrastructure sectors, key areas of focus for the government. However, analysts caution that the Nifty may experience a sharp pullback post-election.



Read more at Investing.com: India’s Nifty futures surge nearly 3% as exit polls point to Modi victory By Investing.com