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Analysts at ANZ note that in line with the strong exit polls surveys released on 19 May, the actual results of Indian elections that are still being finalised give a clear victory to the incumbent, the National Democratic Alliance (NDA) led by Prime Minister Narendra Modi.

Key Quotes

“In fact, the Bharatiya Janata Party (BJP) itself, in a repeat from the 2014 elections has crossed the half-way mark of 272 seats.”

“Although on expected lines, the unanimous results today will likely reinforce market optimism on India’s growth and reform story. However, weakness in underlying economic fundamentals will likely cap the upside to market cheer, in our view.”