Indian stocks are making their biggest gains since September 2013 and the rupiah and bonds are rising
NEW YORK [Reuters] – Indian stocks posted their biggest one-day gain since September 2013 on Monday and the rupee and bonds rose after a poll of voters showed on their exit from polls that Prime Minister Narendra Moody would win a second term and even more than in 2014.
Moody's National Democratic Alliance [NDA] is expected to win between 339 and 365 seats in the 545-seat parliament on Thursday after the seventh round of polls, which ended on Sunday.
The New Delhi index closed up 3.69% at 11828.25 points, while the Bombay index closed 3.75 at 39352.67 points, the biggest daily gain since September 10, 2013.
India's bonds and rupee have moved in a tight range in recent weeks as investors are reluctant to wait for the election result.
The convertible rupee was traded at 69.73-69.74 rupees to the dollar by 1107 after rising to 69.3550 in early deals with gains of 1.2%.
The yield on 10-year Indian bonds was 7.29 percent, down seven basis points from the previous session and briefly falling to 7.27 percent.
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