Indian stocks on fire as BJP leads in vote count

Indian stocks on fire as BJP leads in vote count

Indian stocks on fire as BJP leads in vote count

Indian stocks were virtually on fire leading a key index to gain as much as 1,000 points, or 4.2 percent, as Narendra Modi-led Bharatiya Janata Party took a big early lead in India's national election vote count.

Around 9.45 a.m., the sensitive index (Sensex) of the Bombay Stock Exchange was ruling just a shade under the magic 25,000-point mark at a record 24,907.75 points against the previous close of 23,905.60 points, to log a gain of 1,002.15 points, or 4.19 percent.

Analysts said the markets were afire expecting a stable government under BJP's prime ministerial candidate Narendra Modi, who is also seen as a industry-friendly leader. Every industry-specific index was trading at record highs, exchange data showed.

The 50-scrip Nifty of the National Stock Exchange also surged in a similar fashion.

According to officials at the markets watchdog Securities and Exchange Board of India (SEBI), a close watch will be kept on market movements Friday during the counting of votes to prevent any disorderly trading.