India markets close higher on Modi win

NEW DELHI, Dec. 24 (UPI) -- India's stock markets soared Monday largely on the huge re-election win of Chief Minister Narendra Modi in prosperous and investment-savvy Gujarat state.

Modi helped his Hindu Nationalist Bharatiya Janata Party win a fourth straight term with a large majority in the state despite a spirited campaign to paint him as a Hindu fanatic by Congress party of Prime Minister Manmohan Singh, which leads the country's ruling coalition.

The Press Trust of India reported Mumbai's main 30-share Sensex rose 691.55 points to close at 19,854.12 points. The smaller National Stock Index jumped 218 points to end the day at 5,985.10.

Gujarat is Indian markets' main state for the attracting domestic and foreign investments. PTI quoted analysts that the Modi victory was the main reason for Monday's huge jump while the buoyancy in Asian markets on receding slowdown concerns in the United States also contributed.

The Gujarat election verdict "assured the investors about continuing investment flow into the state," domestic brokerage firm SMC Global's Vice President Rajesh Jain told PTI. Among the big winners were companies based in Gujarat.