India Exit Polls Forecast Of Modi’s Win Rallies Markets, Riles Opposition

(Bloomberg) -- Each day, Bloomberg journalists take you across a selection of towns and cities as they gear up for the big vote.

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Prime Minister Narendra Modi shifted focus to administration after campaigning extensively during the six-week long national election in which his Bharatiya Janata Party is widely predicted to return to power with an even bigger majority. Modi held meetings to discuss the unprecedented heat-wave and post-cyclone flood situations in several states. All major exit polls showed that the BJP-led National Democratic Alliance will win substantially more seats than the 272 needed for a majority in India’s parliament. Official election results will be released on June 4. While the opposition parties dismissed the exit polls, financial markets cheered the development with the key stock indexes hitting record levels.

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India’s stocks surged to a record, while the rupee and sovereign bonds climbed after exit polls signaling an emphatic victory for Modi’s ruling party sparked a wave of euphoria across markets.

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Campaign Trail

Indian opposition leaders dismissed the exit polls predicting a landslide victory for Modi, with a top politician calling it a “Modi media poll.” Congress leader Sonia Gandhi said her party is very hopeful that the results will be “totally opposite.”

The BJP said opposition alliance is trying to undermine the integrity of India’s electoral process, and asked the Election Commission to prevent any attempts of “violence and unrest.”

Global Media

Reuters reported that Modi plans to announce several business-friendly measures if he wins a third term. These may include regulations making it easier to hire and fire workers.

The AFP wrote about how India’s six-week election was not just staggering in its size and logistical complexity, but also in the “unprecedented” scale of online disinformation.

Who Votes This Week?

India’s mammoth election runs through June 1, with counting scheduled for June 4. This map from the Election Commission of India shows which constituencies vote when.

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This story was produced with the assistance of Bloomberg Automation.

--With assistance from Eshani Mathur.

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