Nifty, Sensex surge after exit polls show Modi victory

Fredrick Soto
May 22, 2019

Meanwhile, Prime Minister Narendra Modi and BJP president Amit Shah will also hold an informal meeting with party leaders to discuss future strategy in the wake of strong exit poll numbers.

The huge majority expected for the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) has spurred the stock markets to new highs.

Mr Modi had to request special permission from the national poll watchdog for the trip as election rules prohibit any campaigning 48 hours before voting, the Press Trust of India (PTI) news agency said.

The Bombay Stock Exchange Sensex index had its biggest one-day gain in almost six years - 3.75 percent - to close at a record high 39,352 points while the Indian rupee strengthened to 69.63 to the dollar from its Friday close of 70.22. "I don't trust Exit Poll gossip". The first exit poll was conducted by the Indian Institute of Public Opinion after the second Lok Sabha general elections that took place in 1957.

Congress spokesperson Rajeev Gowda said that exit polls were "regularly wrong", and seat share and vote share predictions were very hard to make.

But many Indians applauded Modi's tough stand and he was able to attack the opposition for being soft on security.

Issuing a recorded audio message for Congress workers, she said they should not fall prey to "rumours and exit poll trends which are being promoted to undermine the spirits of Congress persons".

Trinamool Congress supremo and West Bengal Chief Minister Mamata Banerjee called the exit polls "gossips" which would be used to manipulate results.

Exit polls are essential, as they try to give a sneak peek of who will form the government.

Off-the-record though, party leaders, especially those who contested the Lok Sabha election, have been reiterating that oft-heard caveat about exit polls - "they have been wrong in the past".

Barring Bajaj Auto and Infosys, all the index scrips settled with gains. The BJP won 272 in the previous general election in 2014 to secure a single-party majority for the first time in around three decades.

The report noted that market is largely factoring in return of BJP-led (BJP) government.

Certainly, if the exit polls had predicted that though Modi may be set to return to power, the Congress's tally could see a substantial increase, the mood at 24, Akbar Road would have been slightly more upbeat. Yadav had said much the same thing in 2018.

The pollsters had failed in 2009 when the Congress-led UPA won 262 seats, a figure no pollster could even come close to.

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