Festive mood in Indian stock exchanges – E24

Polls on Election Day indicate that Prime Minister Narendra Modi will continue in office for a third term.

Indian stock markets rose to new highs after the weekend elections.

On Monday morning, the Nifty 50 index on the Mumbai Stock Exchange rose more than 3 percent.

The index, which includes the 50 largest listed companies in India, during the day reached an all-time high (intraday), according to CNBC.

49 out of 50 companies included in the index are rising, according to Reuters. Among them are Adani Ports and Adani Enterprises, which were up 10.4 and 6.6 percent respectively at 9.30 Norwegian time.

The S&P BSE Sensex Total Return index at the Bombay Stock Exchange also rose over 3 percent.

Modi may get a third term

Domestic polls on election day suggest Prime Minister Narendra Modi will take office for a third term in the country, often referred to as the world's largest democracy.

Final results are expected to be released on Tuesday.

Election day polls have a mixed history in India, often mispredicting the outcome. Analysts say the very large and complex population presents many challenges.

After ten years in power, Modi remains hugely popular in India, and his party, the Indian People's Party, has placed great emphasis on his personality and charisma in the election campaign.

The fifth largest economy in the world

Under Modi, India has grown into the world's fifth-largest economy, and the country is also playing an increasing political role as a counterweight to China.

The Prime Minister has initiated several major investments in modern infrastructure projects such as roads, high-speed trains and airports. But economic growth has not benefited everyone.

Unemployment remains high, and poverty is widespread. Many struggle to provide the basic necessities of life.

India's per capita GDP is about $2,000 annually, according to the World Bank.