Indian Stocks Soar 17% on Election Win

Congress victory sends shares soaring; trade suspended
By Jason Farago,  Newser Staff
Posted May 18, 2009 5:35 AM CDT
The Congress Party won a resounding victory in India's monthlong national elections, defying expectations of a poor showing to secure a second term as the country battles an economic downturn.    (AP Photo/Rajanish Kakade)
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(Newser) – The benchmark Indian stock index soared an unprecedented 17% this morning as investors voiced their resounding approval of the Congress Party's electoral victory. Trading on the Sensex had to be suspended within seconds of opening after a 1,300-point surge; following a two-hour delay, the index jumped again and was shut for the day. Other markets in India were all up by huge margins, reports the Times of India.