India Inc. welcomes Modi as BJP storms into power in historical win

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Modi addresses his supporters during a public meeting in VadodraNarendra Modi, the prime ministerial candidate for India’s main opposition Bharatiya Janata Party (BJP), greets his supporters after addressing a public meeting in Vadodara, in the western Indian state of Gujarat, May 16, 2014. Reuters

 

 

 

 

 

 

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New Delhi: Bharatiya Janata Party’s (BJP) of India thundered to victory in India’s election. Results on India’s Election Commission website show that the Narendra Modi and his party trounced the ruling Congress party in 2014 general elections. Modi’s landslide, the most resounding election victory India has seen in 30 years, was welcomed with a blistering rally on India’s stock markets and raucous celebrations at offices across the country of his Bharatiya Janata Party (BJP), where supporters danced, exploded fireworks and gave out sweets.

Responding to the news, Indian markets got off to a roaring start, with the rupee breaking below 59 to the U.S. dollar, an 11-month high, and the benchmark stock index jumping 6 percent to a record high before paring its gains.Betting on a Modi win, foreign investors have poured more than $16 billion into Indian stocks and bonds in the past six months and now hold over 22 percent of Mumbai-listed equities – a stake estimated by Morgan Stanley at almost $280 billion.