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Rupee, bonds rally on election exit polls; stocks in focus for flows

Traders said market gains would be kept in check ahead of the vote counting on Thursday.

REUTERS|
May 20, 2019, 09.56 AM IST
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The rupee had closed Friday at 70.22. Further gains in the rupee will also depend on flows into the stock markets.
MUMBAI: The rupee and bonds rallied at market opening on Monday after exit polls suggested the election will give a clear mandate for the ruling party led coalition.

But traders said market gains would be kept in check ahead of the vote counting on Thursday.

Prime Minister Narendra Modi is likely to return to power with an even bigger majority in parliament after a mammoth general election that ended on Sunday, exit polls showed, a far better showing than expected in recent weeks.

The partially convertible rupee was trading at 69.49/50 per dollar at 0343 GMT, after rising to 69.3550 earlier, making it up 1.2 per cent on the day. The gain, if sustained, would be the highest since December.

The rupee had closed Friday at 70.22. Further gains in the rupee will also depend on flows into the stock markets.

The benchmark 10-year bond yield was trading at 7.30 per cent, down 6 basis points on the day after briefly falling to a low of 7.28 per cent.

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