Election exit poll results send Indian markets soaring

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By Isabella Zhong
15 May 2014

Indian markets rallied after exit polls indicated on Monday that Narendra Modi, leader of the opposition Bharatiya Janata Party (BJP), was likely to become the country's next prime minister. A win by Modi is seen as an outcome that would pave the way for much needed reform of a struggling economy.

Indian credits traded 5bp-15bp tighter across the board on Tuesday, while spreads for wholly state owned enterprises, such as State Bank of India and Oil India, narrowed well over 10bp.

Leading the charge was Bharti Airtel’s 5.35% 2024s, which was priced at 270bp over Treasuries on Monday night. ...

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