Congress victory provokes frenzy in Indian markets

The Bombay Stock Exchange closes early after the Sensex soars 17.2% in reaction to Manmohan Singh's re-election.

As the first Indian prime minister in four decades to be re-elected after completing a full term, Manmohan Singh has plenty to celebrate. During his second term, he will lead a party with a strong political mandate, as the Congress-led coalition is just a few seats shy of a majority. And the prospect of a powerful, stable government has already proved good news to investors as assets across the board went skyward yesterday.

When the markets opened yesterday, the benchmark...

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