Indian Markets Rally as Modi Poised for Third Term: Nifty, Sensex Surge

Indian shares are set to open higher as Modi eyes a third term, boosting confidence after the NSE Nifty 50 and S&P Sensex rebounded over 3% following recent declines.
Indian Markets Rally as Modi Poised for Third Term Nifty, Sensex Surge

Indian shares are poised to open slightly higher as expectations build with Prime Minister Narendra Modi likely securing a third term in office. The optimism follows the market’s strong recovery, which saw significant gains after a sharp drop, reflecting increased investor confidence with Modi at the helm.

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The NSE Nifty 50 and the S&P Sensey both surged over 3% on Wednesday, a stark turnaround from a nearly 6% fall the previous day. This rally coincided with the National Democratic Alliance formerly endorsing Modi to continue leading the government despite the need for alliance support following mixed election results.

On the same day, the National Stock Exchange of India recorded its highest ever number of transactions. A staggering 19.71 billion orders were placed, culminating in 285.5 million transactions, underscoring the heightened market activity.

Foreign institutional investors sold off approximately 56.56 billion rupees ($678.2 million) worth of Indian shares, indicating some caution among global participants. The market is also bracing for key economic reports, including India’s monetary policy and the U.S. non-farm payrolls, both set for release on Friday.

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