Gains cut in India following opposition election victory

|By:, SA News Editor

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