Arab Today, arab today india shares soar 6 in salute to modi win then retreat
Last Updated : GMT 20:52:40
Arab Today, arab today
Arab Today, arab today

India shares soar 6% in salute to Modi win, then retreat

Arab Today, arab today

Arab Today, arab today India shares soar 6% in salute to Modi win, then retreat

Mumbai - AFP

India's benchmark stock index soared over six percent to a record high Friday after right-wing opposition leader Narendra Modi scored a landslide election victory, and then pulled back on profit-taking. The Bombay Stock Exchange index, known as the Sensex, climbed 6.15 percent to 25,375.63 points as results showed Modi and his Hindu nationalist Bharatiya Janata Party (BJP) on track for a parliamentary majority after the marathon staggered poll. But the Sensex then ave up a big chunk of its gains to close up just 0.90 percent at 24,121.74 points. "The Sensex gave the election results a booming salute early on and then did what markets usually do -- which is to look at the road ahead," Alok Churiwala, head of Churiwala Securities in Mumbai, told AFP. Even though Modi has won an impressively strong mandate, economic recovery is "likely to be protracted", said HSBC economist Leif Eskesen. The economist expects India's growth to pick up only marginally to 5.3 percent in the current financial year from an estimated 4.9 percent last year -- half the rate notched up during India's boom times. "The market will take a breather. Global economic signs are also not good," Churiwala added. But Churiwala believes the undertone of the Indian market is now bullish and the Sensex could surge to a record 26,500 points in a few months. Modi rode a wave of voter support with his message of jobs, development and economic revival. His BJP ousted the left-leaning Congress party, which has ruled India for a decade and dominated the country's politics for most of its post-independence history. The influential Federation of Indian Chambers of Commerce and Industry (FICCI) called Modi's "decisive mandate" a "positive for India". "It is amply clear the country, especially the youth, wants development and good governance," said FICCI president Sidharth Birla, adding he hoped Modi's win would restore investor confidence in India. Shares in infrastructure and energy companies, particularly some of those whose proprietors are seen as close to the BJP, surged. Adani Enterprises, controlled by stalwart BJP supporter Gautam Adani, rose as much as 17 percent to 585.00 rupees. The rupee surged 1.14 percent to 58.62 against the dollar, building on gains in recent weeks that have been fuelled by expectations that a victorious Modi would introduce reforms to turn around the economy. The rupee has now risen 17 percent since sinking to a record low of 68.85 in August, when investors were worried about a fiscal deficit crisis and waning foreign investor confidence as the government struggled to boost growth. The stock market has risen five percent in the past week alone as optimism returned, despite low investment, weak growth, stubbornly high consumer inflation, and widespread corruption.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india shares soar 6 in salute to modi win then retreat Arab Today, arab today india shares soar 6 in salute to modi win then retreat

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 13:43 2017 Sunday ,19 February

Local institutional buying lifts Oman shares higher

GMT 15:33 2017 Saturday ,18 February

Lock-up shares worth 39 bln yuan eligible for trade

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week

GMT 09:15 2017 Friday ,17 February

Asia stocks retreat after week-long Trump rally

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday