Indian stocks rally on election result

Indian equities have pushed higher on reports that opposition leader Narenda Modi and the Bharatiya Janata Party had been handed victory in the elections.

The CNX-100 Index, which accounts for 38 sectors of the economy and represents roughly 81.57 per cent of the free float market capitalisation of the stocks listed on the National Stock Exchange (NSE) in India, had climbed 3.64 per cent to 7,280 as at 8.15am UK time.

Meanwhile the CNX Nifty gained 3.21 per cent to 7,352.05 in afternoon trading in India, driven by gains by stocks including the State Bank of India, which had moved 7.14 per cent higher.

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