BUSINESS
PTI | May 23, 2019, 09:59 AM IST
1.Big win likely
The counting of votes in 542 Lok Sabha constituencies began on Thursday amidst tight security, capping a two-month long election process which witnessed high-octane campaigning and charges of tampering EVMs and violations of the Model Code of Conduct (MCC).
The counting process also started at 8 am for four state assemblies -- Andhra Pradesh, Odisha, Sikkim and Arunachal Pradesh, and by-elections in 22 seats in Tamil Nadu, which went to polls along with the general elections. The outcome of the by-polls could change the fate of the AIADMK-led government in the state.
Representatives of political parties were present at the counting centres across India where the electronic voting machines (EVMs) were kept in strong rooms.
Most exit polls have predicted a comfortable majority for the BJP-led NDA whose campaign was spearheaded by Prime Minister Narendra Modi. The opposition, however, has rejected the exit polls, calling them wrong and erroneous.
According to early trends, NDA is way ahead of UPA and is even bettering its 2014 results. BJP is currently leading in 272 states
2.Early trends
9.30 AM: NDA ahead in 290. UPA in 102 and others in 63.
At 9 AM, NDA is ahead in 201 seats. UPA in 90 seats and others in 42 seats.
Mehbooba Mufti and Shatrughan Sinha is trailing
Amit Shah, Narendra Modi, Rahul Gandhi (Wayanad) is leading
3.Rupee soars
The rupee appreciated by 26 paise to 69.40 against the US dollar in opening trade Thursday, as counting of votes for the seven-phase Lok Sabha elections began across the country.
The counting exercise is on in over 4,000 counting centres. Most of the exit polls have predicted that the BJP-led National Democratic Alliance (NDA) is on course to retain power for a second term.
The rupee opened strong at 69.45 at the interbank forex market, then gained further ground and touched 69.40, displaying gains of 26 paise over its last close.
The rupee had settled at 69.66 against the US dollar Wednesday.
Forex traders said, besides the Loka Sabha election outcome, easing crude prices and higher opening in domestic equities also supported the rupee.
Foreign fund outflows however dampened the sentiment of forex traders.
Foreign institutional investors (FIIs) were net sellers in the capital markets, pulling out Rs 965.02 crore Wednesday, according to provisional exchange data.
Brent crude futures, the global oil benchmark, eased 0.58 per cent to USD 70.58 per barrel.
Domestic bourses opened on a bullish note Thursday with both benchmark indices Sensex and Nifty hitting all-time highs.
The 30-share Sensex was trading at 39,722.15 points, up 611.94 points while Nifty was trading higher by 226.80 points at 11,964.70.
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