Nifty 50, BSE index hit record highs at open
10year bond yield at lowest level in more than 2 years
Rupee strengthens past 83dlr level, highest in over 2 months
Political stability seen supporting bull market analysts

SINGAPOREMUMBAI, June 3 Reuters Indian shares set records, the rupee gained and bond yields dropped early on Monday as exit polls pointed to a third term and sizable mandate for Prime Minister Narendra Modi, with investors eying public spending to maintain economic momentum.

The broader Nifty index rose as much as 3.59 to a record 23,338.70 points while the BSE index surged 3.76 to a lifetime peak of 76,738.89. The Nifty 50 index posted its best intraday gain since Feb. 1, 2021.

The benchmark 10year government bond yield touched 6.9421, its lowest since April 8, 2022, falling 4 basis points from its previous close. The rupee strengthened to 82.9575, its highest since March 19.

All markets had pulled back slightly by midday trade but were still very much in the green on the day. The Nifty and BSE index have both nearly doubled since their close a day before election results in 2019.

Weekend exit polls projected the alliance led by Modi39;s Bharatiya Janata Party BJP to increase its 303 seats in the 543member lower house and likely get a twothirds majority enough to initiate amendments to the constitution.

A win had been widely expected but, if confirmed in official results due on Tuesday, the margin will be larger than analyst forecasts and will…