Early results on Friday from India's five-week long general
election indicated a landslide victory for the opposition Bharatiya
Janata Party (BJP) led by Narendra Modi.
The Hindu nationalist BJP on its own was leading with 272 seats, according to Reuters, giving it a majority in the 543-seat parliament.
In Mumbai, India's stock index soared over 4 percent to a fresh record high as investors factored in a Modi-win. The rupee strengthened more than one percent to its highest level in almost 10 months at around 58.70 against the dollar.
"There is a likelihood that the BJP and its NDA (National Democratic Alliance) could get a super majority or at least get majority," Jahangir Aziz, head of emerging market Asia economic research at JP Morgan, told CNBC.
"If that happens, I think the market will heave a sigh of relief because that's what it has been pricing in over the last five days," he added.
Returns from the 989 counting centers have been rolling in thick and fast throughout the morning. Exit polls have indicated a clear victory for the #BJP and its allies.
Results showed #Modi ahead in both the constituencies he contested - in Vadodara in his home state of Gujarat and in the #Hindu holy city of Varanasi, Reuters reported.
Rahul Gandhi, who led the Congress campaign, was lagging in his seat of Amethi, a family bastion that has been held his uncle, father and mother, Sonia.
A clear majority would give Modi, a tea vendor's son and the chief minister in the western state of Gujarat, a clear mandate to push through hit economic agenda.
Modi has promised that, if elected, he would take decisive steps to unblock stalled investments in power, road and rail projects to revive economic growth that has fallen to a decade low of below 5 percent.
"Modi has said very clearly that its 'toilets over temples.' For a deeply religious man, that kind of very stark statement is an interesting indication of his commitment to develop the country," Thomas R. Pickering, a former U.S. ambassador to India told CNBC.
Modi, credited for his pro-business policies in Gujarat, has raised expectations that he will be able to revive India's economic fortunes.
Source: CNBC News
The Hindu nationalist BJP on its own was leading with 272 seats, according to Reuters, giving it a majority in the 543-seat parliament.
In Mumbai, India's stock index soared over 4 percent to a fresh record high as investors factored in a Modi-win. The rupee strengthened more than one percent to its highest level in almost 10 months at around 58.70 against the dollar.
"There is a likelihood that the BJP and its NDA (National Democratic Alliance) could get a super majority or at least get majority," Jahangir Aziz, head of emerging market Asia economic research at JP Morgan, told CNBC.
"If that happens, I think the market will heave a sigh of relief because that's what it has been pricing in over the last five days," he added.
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| Indian supporters of chief minister of western Gujarat state and main opposition Bharatiya Janata Party (BJP) prime ministerial candidate Narendra Modi pose with his cutout. Indranil Mukherjee | AFP | Getty Images |
Returns from the 989 counting centers have been rolling in thick and fast throughout the morning. Exit polls have indicated a clear victory for the #BJP and its allies.
Results showed #Modi ahead in both the constituencies he contested - in Vadodara in his home state of Gujarat and in the #Hindu holy city of Varanasi, Reuters reported.
Rahul Gandhi, who led the Congress campaign, was lagging in his seat of Amethi, a family bastion that has been held his uncle, father and mother, Sonia.
A clear majority would give Modi, a tea vendor's son and the chief minister in the western state of Gujarat, a clear mandate to push through hit economic agenda.
Modi has promised that, if elected, he would take decisive steps to unblock stalled investments in power, road and rail projects to revive economic growth that has fallen to a decade low of below 5 percent.
"Modi has said very clearly that its 'toilets over temples.' For a deeply religious man, that kind of very stark statement is an interesting indication of his commitment to develop the country," Thomas R. Pickering, a former U.S. ambassador to India told CNBC.
Modi, credited for his pro-business policies in Gujarat, has raised expectations that he will be able to revive India's economic fortunes.
Source: CNBC News
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