As the first Indian prime minister in four decades to be re-elected after completing a full term, Manmohan Singh has plenty to celebrate. During his second term, he will lead a party with a strong political mandate, as the Congress-led coalition is just a few seats shy of a majority. And the prospect of a powerful, stable government has already proved good news to investors as assets across the board went skyward yesterday.
When the markets opened yesterday, the benchmark Sensex index surged to such an extent that a circuit breaker was flicked, suspending trading for two hours. Trading recommenced only for shares to continue rising at breakneck speed. When the increase reached 17.2%, markets...
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