India’s Sensex Rallies on Modi Reforms, State Election Results

October 20, 2014 6:29 AM

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Indian stocks rose and the rupee strengthened after Prime Minister Narendra Modi scrapped diesel price controls to curb subsidies and his party won the most number of seats in two state elections.

Oil & Natural Gas Corp. (ONGC), India’s largest state-owned oil explorer, and Hindustan Petroleum Corp. (HPCL) rallied after the government increased natural-gas tariffs and freed diesel from price controls. State Bank of India, the nation’s biggest lender, advanced to a four-week high. The S&P BSE ...

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