Indian stocks have surged, fuelled by expectations that a BJP-led government, having won the recent elections with a resounding majority, could put the economy back on growth track. The stock market is betting the new government will focus on sectors such as banking, infrastructure, power, highways and telecom to boost growth.
The BSE Sensex soared over 200 points, while the Nifty edged above the 7,350 levels in opening trade on Tuesday, but profit taking in recent gainers weighed on markets. The rupee, which hit an 11-month high yesterday, also traded flat at 58.56 per dollar.
India's NSE midcap index rises as much as 1.3 percent to a second consecutive record high on hopes the rally in shares sparked by the election outcomes would lead domestic and foreign institutions broaden their portfolios into riskier plays.
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