Modi Win Spurs Jump in Indian Stock Futures, Rupee Forwards
- Bigger-than-expected victory seen as endorsement of reforms
- Nifty futures indicate underlying gauge will reach record
Modi's BJP Wins Majority in Uttar Pradesh
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India’s stock futures and currency forwards jumped after Prime Minister Narendra Modi’s bigger-than-expected win in state elections increased expectations for a continuation of his reform agenda.
Modi’s Bharatiya Janata Party won 312 seats in the 403-member assembly of Uttar Pradesh, according to the Election Commission of India, up from 47 in 2012. The results of the race in India’s largest state were seen as a litmus test of Modi’s popularity and reforms, including opening up the country to more foreign investment and seeking to introduce a goods and services tax, ahead of general elections in 2019.