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Article: India stocks vault 17 percent on election euphoria
- Article from:
- AP Online
- Article date:
- May 18, 2009
- Author:
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India's stock market surged an unprecedented 17 percent, forcing trade to close for the day, after the Congress Party's definitive victory in national elections set the scene for long-delayed economic reforms.
In just seconds of trading, the Bombay Stock Exchange's benchmark Sensex vaulted 2,110.79 points, or 17.3 percent, to 14,284.21, triggering the historic shutdown Monday.
The rupee rose over 3 percent Monday, to close at 47.88 rupees per dollar in India trade.
After monthlong elections _ the results of which were announced over the weekend _ the Congress Party alliance unexpectedly captured 261 seats in India's 543-seat Parliament, still 11 seats short of a majority ...