The benchmark BSE index is 1.8 percent higher and the broader NSE index is up 1.7 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 2 bps to 8.73 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 at 59.73 versus its previous close of 60.02/03 on dollar buying by state-run banks that traders say is likely on behalf of the central bank, after earlier rallying to its strongest level against the dollar since July 2013.
The benchmark five-year swap rate is down 2 basis points (bps) at 8.23 percent after hitting a session low of 8.22 percent, a level last seen on Jan. 24, while the one-year rate also down 2 bps at 8.49 percent.
India’s cash rate is at 8.60/8.65 percent versus previous close of 8.70/8.75 percent.
---------------------- Double click on codes in Reuters MIOR/MIBOR NSE MIBID/MIBOR Reuters Corporate Bond Yield/Spread For Reuters Benchmarks (Reporting by Abhishek Vishnoi)