India’s Nifty futures surge nearly 3% as exit polls point to Modi victory
index surged nearly 3% in morning trade on Monday after a slew of exit polls over the weekend showed that incumbent Prime Minister Narendra Modi was set for a third consecutive term.Several exit polls released over the weekend indicated that the NDA alliance, led by the Bharatiya Janata Party , was largely set for a victory in the 2024 general elections, which concluded on June 1.
An NDA victory presents a third term for incumbent Prime Minister Narendra Modi, who was largely at the center of campaigning efforts by the BJP. The official results of the election are set to be announced on June 4. The Nifty 50 has also hit a series of record highs on optimism over India’s economy, which attracted a slew of foreign investors over the last two years.
Still, analysts at CLSA warned in a recent note that an Indian stock rally in the wake of a BJP victory had limited room to run, and that the Nifty may see a sharp pullback in the next few weeks.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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