Indian equity markets surged over 480 points after BJP landslide victory in Uttar Pradesh. The Indian rupee today hit an 11-month high against the US dollar, a level last seen on 20 April 2016. In the morning hours, the home currency was trading at 66.19, up 0.63% against its previous close of 66.61.
At 10.55 am, the benchmark Sensex index rose 1.66% or 481.69 points to 29,427.92, while the Nifty hit at 9080.45 up 1.63% or 145.90 points. The broader market was trading in line with the benchmark indices with BSE Midcap & BSE Smallcap up 1.4% each.
On Saturday, the ruling BJP won a surprising 312 out of 403 seats in the assembly elections of India’s largest state, with expectations of continued political constancy, smooth implementation of a proposed GST reforms  etc.
The Ten-year bond yield was trading at 6.889% compared to its Friday’s close of 6.904%. Bond yields and prices move in opposite directions. Markets were closed on Monday, 13 March, 2017 on account of Holi.
Asian currencies were trading slightly lower. The Federal Open Market Committee (FOMC) is set to increase rates at the conclusion of its 2-day meeting on Wednesday. Traders are also looking for clues on how speedily the US central bank is planning to tighten monetary policy.