Seeking Alpha

Gains cut in India following opposition election victory

  • A volatile session in India saw the Sensex close up 0.9% to an all-time high following the election victory by the opposition Bharatiya Janata Party and its prime minster candidate Narendra Modi. Stocks initially rose more than 6% as results came in, but "sell the news" action took over, given the Sensex's already big run in the weeks leading up to the election.
  • In ETF action action in the States, EPI +4.6%, PIN +3.5%.
  • Banks: ICICI Bank (IBN +6.7%), HDFC Bank (HDB +3.3%).
  • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, INCO, SMIN
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