MUMBAI (NewsRise) -- Indian shares rose on Monday after Narendra Modi's Bharatiya Janata Party looked set for a victory in elections in the Prime Minister's home state of Gujarat.
The Sensex fell as much as 2.6% in morning trade after early trends suggested a very close race between the Modi-led BJP and the main opposition Congress party. A defeat for the BJP in Gujarat would have been a major political setback for Modi, whose popularity with the Indian electorate has waned after last year's ban on large cash notes and difficulties faced following the rollout out of a nationwide indirect tax.
