The benchmark BSE index is higher 1.42 percent and the broader NSE index up 1.32 percent, after hitting record highs as blue chips including ICICI Bank rally on hopes that exit polls due after the close of markets would show the opposition Bharatiya Janata Party winning a majority in elections.
India’s benchmark 10-year bond yield falls 3 bps to 8.72 percent on hopes that exit polls later in the day would show the Bharatiya Janata Party winning a majority, as the opposition party is seen by markets as being more investor friendly.
The partially convertible rupee rallies to its strongest level against the dollar since July 2013 on widespread hopes that exit polls later on Monday would show the opposition Bharatiya Janata Party winning a majority in the country’s elections. It hits 59.51 per dollar, the strongest level since July 29, 2013, compared with its 60.02/03 close on Friday.
The benchmark five-year swap rate is down 2 bps at 8.23 percent, while the one-year rate unchanged at 8.51 percent.
India’s cash rate is at 8.60/8.65 percent versus previous close of 8.70/8.75 percent.
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