Indian Indexes Follow Asian Indexes despite Another Term for Modi

India’s general elections are closing today as votes are being counted. The incumbent National Democratic Alliance, led by current Prime Minister Modi, is set to get another five-year term to govern the biggest democracy in the world. Most exit polls had predicted victory for Modi’s coalition.

While Indian indexes rose during early trading as votes started pouring in to hit record highs, they dropped soon after on global worries. The S&P BSE Sensex dropped 0.76% today to close at 38,811, while the NIFTY 50 dropped 0.69% to end the day at 11,657.

Yesterday, the WisdomTree India Earnings ETF (EPI) fell 0.27%. The iShares India 50 ETF (INDY), which tracks the NIFTY 50, gained 0.10%, while the iShares MSCI India ETF (INDA) dropped 0.43%.

Taiwan’s TSEC Weighted Index fell sharply by 1.42% today. On May 21, the iShares MSCI Taiwan ETF (EWT) dropped 0.54%. The ETF was down 1.24% in pre-market trading at 4:16 AM EST. Yesterday, the Asia-focused iShares MSCI Asia 50 ETF (AIA) fell 0.24%.

Indonesia’s Jakarta Composite Index gained 1.57% today. The iShares MSCI Indonesia ETF (EIDO) lost 1.03% on May 22. With Indonesian stocks rising, expect the ETF to gain today.

Thailand’s SET Composite Index dropped 1.57% today.