India’s benchmark stock index will climb as much as 6 percent to a record by year-end if state election results this weekend confirm gains by the nation’s main opposition party, according to a Bloomberg survey.
India’s rupee headed for its best week since October as the nation’s current-account deficit narrowed and on optimism the prospect of a win by the main opposition party in state elections will boost stock inflows.
U.S. and European stocks fell for a fifth day, gold slid and Treasury yields reached the highest level since September as improving economic data fueled bets the Federal Reserve will reduce stimulus. The euro rose as the central bank gave no sign it will start negative deposit rates.
India’s rupee and stocks rose to the highest level in at least a month as an exit poll showed the nation’s main opposition party was poised to win four of five state elections before a national vote next year.
India’s main opposition party is set to win four of five state elections held over the past month, wresting power from the ruling Congress party in one area and giving it momentum ahead of national voting next year.
Indian stock-index futures rose and rupee forwards gained as an exit poll showed the nation’s main opposition party was set to win four of five state elections to give it momentum ahead of national voting next year.
India’s main opposition party is set to take control of two states from the Congress party and keep control in two others, boosting its campaign to end the ruling party’s 10-year hold on power in national voting next year, exit polls showed.
As the helicopter carrying top Indian opposition leader Narendra Modi descended toward a rally in the grounds of the turreted Bangalore Palace, the crowd of more than 300,000 erupted in applause and chanted his name.
Indian economic growth quickened last quarter from a four-year low on higher factory output, a revival threatened by looming interest-rate increases to fight rising prices in the nation of 1.2 billion people.