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Indian shares rise as Prime Minister Modi's party leads state polls

Lenders lead gains while Infosys slips after two straight weekly advances

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.

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