India Share markets jumped with poll results
AAP shines in Punjab but got satisfactory vote share in rest of India
New Delhi: Bharatiya Janata Party’s (BJP) of India thundered to victory in India’s election. Results on India’s Election Commission website show that the Narendra Modi and his party trounced the ruling Congress party in 2014 general elections. Modi’s landslide, the most resounding election victory India has seen in 30 years, was welcomed with a blistering rally on India’s stock markets and raucous celebrations at offices across the country of his Bharatiya Janata Party (BJP), where supporters danced, exploded fireworks and gave out sweets.
Responding to the news, Indian markets got off to a roaring start, with the rupee breaking below 59 to the U.S. dollar, an 11-month high, and the benchmark stock index jumping 6 percent to a record high before paring its gains.Betting on a Modi win, foreign investors have poured more than $16 billion into Indian stocks and bonds in the past six months and now hold over 22 percent of Mumbai-listed equities – a stake estimated by Morgan Stanley at almost $280 billion.
Congress party won less than 50 of the 543 parliamentary seats at stake. Prime Minister Manmohan Singh congratulated Modi with a telephone call. Narendra Modi’s tweet saying “India has won” that instantly set a record as the country’s most retweeted Twitter post.
The BJP had won or was winning in 283 seats in parliament, as counting trends showed on the time news was being written, comfortably across the halfway mark of 272 required to rule. An alliance led by the party was ahead in 338 seats. Rahul Gandhi and his mother and leader of the Congress party, Sonia, shouldered blame for their party’s rout. With inputs From Reuters
Aditya Tawatia, President OFBJP, British Columbia is elated at the historic win of BJP in India. In a statement released to Asian Journal, Aditya said, “
Dark period of Congress rule has ended finally. People of India have shown their maturity and given clear mandate to BJP and Mr. Narendra Modi. I want to thank all Indo – Canadians residing in British Columbia for their unconditional support for Narendra Bhai Modi ji”. OFBJP, BC secretary Rominder Singh Bhatha said it is great day for all of India and non-resident Indians. Mr. Modi is leader with vision for the country and people. Finally the congress propaganda will end. Treasure Mr. Praveen Goel also expressed his happiness with the results and said election results are win of truth against lies of congress.