AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Indian stocks jumped to record highs Thursday as early results in the world's biggest election showed Prime Minister Narendra Modi on course for a second term.
Traders and business leaders welcomed trends in the vote count showing Modi's Bharatiya Janata Party (BJP) was set to win a majority, expressing hopes it could lead to deep economic reforms of Asia's third-largest economy.
The Bombay Stock Exchange's Sensex index rose more than two percent to pass the 40,000 mark for the first time ever while the Nifty crossed 12,000 points, also a new landmark.
India's rupee also strengthened, hitting 69.51 against the dollar from 69.67 late Wednesday.
"A perception that Modi is business friendly and an end to political uncertainty is boosting market sentiment," independent Mumbai-based economist Ashutosh Datar told AFP.
After more than four hours of counting, figures from the Election Commission showed the BJP leading in 292 seats out of 542 with the rival Congress party on less than 50.
If confirmed - no results have been published yet - this would push the BJP over the 272 seats needed for a majority.
It could also beat its tally of 282 when Modi swept to power in the world's biggest democracy in 2014 with the parliament's first single-party majority in 30 years.
The result would give the BJP and its allies a commanding majority of around 340 seats.
"Time for transformation of India. Time for deep reform. I dream of us as a global superpower in my lifetime," tweeted India's richest banker, Uday Kotak, as he congratulated Modi.
Indian stock markets have rallied since exit polls on Sunday pointed to a Modi triumph. On Thursday, the benchmark Sensex rose more than two percent to peak at 40,124.50, while the Nifty, a smaller index based on 50 Indian companies also increased more than two percent, touching a new record of 12,041.00.
Modi was elected five years ago on his promise to shake-up India's economy and create jobs for the millions of young Indians who enter the workforce every year.
His record has been mixed, however.
The 68-year-old has been praised by India's business community for passing a number of economic reforms intended to ease the doing of business and boost foreign investment.
But he was widely slammed for a disastrous shock cash ban and the sloppy introduction of a new single tax on goods and services that both set back economic growth. GDP growth slowed from 7.1 percent to 6.6 percent in the third quarter of the 2018-19 financial year, data released in February showed.

Copyright Agence France-Presse, 2019

Comments

Comments are closed.