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India's BJP headed for election victory - exit polls

  • India's Bharatiya Janata Party appears to have won the country's general election, with exit polls showing that the BJP and its allies have racked up anything from 249 to 340 seats in the lower house of parliament.
  • The ruling Congress Party may have slumped to just 97-150 seats - anything under 114 would represent its worst showing ever.
  • With the chamber comprising 545 seats, 273 are needed for a majority. The official results are due out on Friday.
  • However, it's worth noting that Indian exit polls have been notoriously inaccurate in previous elections.
  • Still, shares continued to rally at the prospect of a stable business-friendly government led by a party whose leader, Narendra Modi, has pledged reform to revive the country's stumbling economy.
  • Data highlighted how India is facing stagflationary conditions. April CPI strengthened to +8.6% on year from 8.3% in March and topped consensus of 8.5%. Industrial production fell 0.5% in March, although that was better than consensus of -1.5%.
  • The Sensex is +1.5%, but the rupee is weaker and the USD-INR is +0.6% to 59.866 rupees.
  • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
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