Voting ends, exit polls out
After almost six weeks and seven phases, voting for the next government in India ended on May 18. The exit polls came out on the same day. The votes will be counted, and the results will be declared on May 23.
Most exit polls predicted a victory for the ruling coalition by varying margins. Markets rose as fears of a hung parliament waned on the announcement of the exit polls. The incumbent government is considered business-friendly, so market sentiments have seen a boost.
The NIFTY 50 rose 3.69% to 11,828.30 on May 20, and the S&P BSE Sensex gained 3.75%, or 1,422 points, to end the day at 39,352.67.
With two more days to go before the actual results start coming in, the market is expected to be volatile.
Other markets and ETFs
Taiwan’s TSEC weighted index saw a 0.12% gain on May 20. On May 17, the iShares MSCI Taiwan ETF (EWT) fell more than 2%.
The Asia-focused iShares MSCI Asia 50 ETF (AIA) was down 1.92% on May 17.
Indonesia’s Jakarta Composite index broke the jinx by posting a 1.38% gain on May 20. The iShares MSCI Indonesia ETF (EIDO) lost 1.93% on May 17 but is expected to rebound on May 20.