It looks like Indians were right on clamping down on dirty money.
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India's NSE index rose as much as 2.1 percent to a record high while the rupee hit a 14-month peak on Tuesday, as a big win for Prime Minister Narendra Modi's party in a key Indian state election was seen bolstering his economic reform agenda.
The victory by Modi's Bharatiya Janata Party in India's most populous northern Uttar Pradesh state, announced on Saturday, strengthens his claim to a second term in national elections in 2019. It also re-ignites investors' faith in him after a radical decision to scrap high-value banknotes in November raised deep concerns about economic growth.
The NSE index's record high of 9,122.75 points on Tuesday, the first trading session since the results were announced, surpassed its previous peak of 9,119.20 on March 4, 2015.
The rupee also strengthened to as much as 65.78 per dollar, its strongest level since November 2015, despite the central bank's interventions after markets were closed on Monday for a public holiday.
Analysts now expect Modi will be emboldened to embark on more reforms including reforming the retail sector, easing labor laws, and cleaning up bad debt at banks.
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Indian stocks hit record high, rupee rallies on Modi state election win
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India's NSE index rose as much as 2.1 percent to a record high while the rupee hit a 14-month peak on Tuesday, as a big win for Prime Minister Narendra Modi's party in a key Indian state election was seen bolstering his economic reform agenda.
The victory by Modi's Bharatiya Janata Party in India's most populous northern Uttar Pradesh state, announced on Saturday, strengthens his claim to a second term in national elections in 2019. It also re-ignites investors' faith in him after a radical decision to scrap high-value banknotes in November raised deep concerns about economic growth.
The NSE index's record high of 9,122.75 points on Tuesday, the first trading session since the results were announced, surpassed its previous peak of 9,119.20 on March 4, 2015.
The rupee also strengthened to as much as 65.78 per dollar, its strongest level since November 2015, despite the central bank's interventions after markets were closed on Monday for a public holiday.
Analysts now expect Modi will be emboldened to embark on more reforms including reforming the retail sector, easing labor laws, and cleaning up bad debt at banks.
...
Indian stocks hit record high, rupee rallies on Modi state election win
