Modi Rallies Allies as Election Results Highlight Key Kingmakers

Indian Prime Minister Narendra Modi is set to meet with allies to discuss forming a government after his BJP lost its outright majority in parliament, winning 240 seats, 32 short of the halfway mark. The NSE Nifty 50 and S&P BSE Sensex fell slightly in early trade following a significant drop due to investor concerns over the election results. Despite the reduced majority, Fitch expects broad policy continuity. The opposition INDIA alliance, led by Rahul Gandhi's Congress party, won 230 seats, with Congress itself securing 99 seats.