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
Indian Stocks Soar 17% on Election Win
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)

(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.

(Read more India stories.)

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