Another term for Modi
On May 23, the results were announced for India’s elections. The incumbent National Democratic Alliance, led by Prime Minister Modi’s Bharatiya Janata Party, won a clear mandate to govern the world’s biggest democracy for the next five years.
The exit polls expected Modi to win a second term.
Indian indexes gained big
The Indian indexes fell on May 23 despite the election trends as Asian markets tumbled. However, the NSE Nifty and the S&P BSE Sensex recovered on May 24.
The S&P BSE Sensex rose 1.61% on May 24 and closed at 39,435. The NIFTY 50 fell 1.6% and ended the day at 11,844.10.
Other markets and ETFs
Taiwan’s TSEC Weighted Index gained marginally on May 24 after falling sharply on May 23. The index closed 0.19% up on May 24. On May 23, the iShares MSCI Taiwan ETF (EWT) fell 1.84%.
On May 23, the Asia-focused iShares MSCI Asia 50 ETF (AIA) fell 1.39%.
Indonesia’s Jakarta Composite gained for the second consecutive day. The index rose 0.41% and added to yesterday’s 1.57% rise. As we expected, the iShares MSCI Indonesia ETF (EIDO) gained 2.7% on May 23.
Thailand’s SET Composite Index rose 0.27% on May 24.