Indian stocks hit record highs as exit polls suggest big Modi win

Indian markets reached record highs on Monday following predictions of a strong victory for incumbent Prime Minister Narendra Modi in the national elections. The Sensex and Nifty 50 indexes both rose over 3% in early trade. The surge comes after India concluded its lengthy election process. Modi expressed confidence in re-election as voters turned out in high numbers. The market optimism is attributed to the exit polls indicating a significant win for Modi’s party. In addition, India’s economy grew over 8% in the past fiscal year, cementing its position as the world’s fastest-growing major economy. Investors anticipate key reforms if Modi secures a large majority in parliament. The surge also led to a rise in shares of Adani Group.