By Sankalp Phartiyal and Ankush Arora
The BSE Sensex and the Nifty rose more than 2 percent in a week that was largely lacklustre until the main stock indexes hit fresh life highs on Friday, buoyed by optimism that India’s principal opposition party would get a majority in the ongoing election.
On Monday, India will vote in the last leg of its staggered five-week long election that began on April 7. Results are due on May 16.
India will release factory output and inflation data on Monday. According to a Reuters poll, factory output in March probably contracted for the fifth time in six months, while food and fuel prices inched higher.
“Focus will be firmly on the exit poll numbers due on Monday evening as well as on the final election results on Friday,” said Sanjeev Zarbade, Vice President – Private Client Group Research, Kotak Securities.
In the currency market, the rupee hit a one-month high of 59.9225 on Thursday. A Reuters poll showed the Indian unit will likely trade near 60.0 per dollar over the next three months before falling to 62.30 in a year.