After exit polls come into sight of the public indicating the return of the power of the Narendra Modi led government. The market has shown significant growth with rupee rising over 1.1 per cent. It has been the biggest single day gains since 18 December 2018 to hit a two week high. And the bond yield high fell 7 basis points to hit a seven-week low.
Bond prices and yield moves in the opposite direction.
Up 1.14 per cent from its previous close of 70.22, the rupee was at 69.43 a dollar. The Indian currency opened at 69.43 a dollar. Compared with Friday’s close of 7.364%, the 10-year bond yield was at 7.293%.
Indicating the investor’s belief for the healthy market, most of the exit polls have shown the return of power to the Narendra Modi led government. Many exit polls showed Bhartiya Janata Party-led National Democratic Alliance will likely to win over 300 seats in India’s 543-seat lower house.