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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters India's Congress cements power as markets surge Mon May 18, 2009 1:14am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Krittivas Mukherjee an Bappa Majumdar NEW DELHI (Reuters) - India's Congress-led coalition eyed possible new allies on Monday after a decisive general election victory raised hopes of a stable government and sent financial markets soaring. Prime Minister Manmohan Singh's coalition defied predictions of a tight election and was only about 11 seats short of an majority from the 543 seats at stake, according to election commission data, though the final count may see tiny changes. In a country where unwieldy coalitions were becoming the order of the day and hobbling policy, the electoral verdict this time means Congress will call the shots in coalition building rather than being dependent on the goodwill of regional parties. Congress' alliance took 262 seats, sweeping aside its nearest rival, the bloc led by the Hindu-nationalist Bharatiya Janata Party (BJP), which won only 159 combined. A strong Congress-led coalition, free of pressures from its former communist partners, has boosted the prospect of reforms to encourage growth in Asia's third largest economy. The confidence reflected on India's main stock index which rose 10 percent as trade opened, triggering circuit breakers and a one-hour halt in trading. The 30-share BSE index rose 10.73 percent to 13,479.39 points. The 50-share NSE index jumped 14.5 percent to 4,203.30. The partially convertible Indian rupee also strengthened past 49 per dollar for the first time in three months and turned positive for the year on Monday, after the ruling coalition scored a clear victory in the general elections. At its intraday high of 48.34 per dollar, it was up nearly 8 percent from a lifetime low of 52.20 hit in early March. Benchmark bond yields dropped as the outcome encouraged foreign investors. Congress, which alone won 205 seats, needs just a handful of partners to reach the 272 seats needed to take power, and is expected to seek the support of small parties or independents. GLOBAL CRISIS Congress leaders will meet on Tuesday to officially endorse Manmohan Singh as prime minister, after which the party will meet its coalition partners to decide potential new allies. The government will also have a strong mandate to deal with security issues in a region overshadowed by instability in Pakistan and Afghanistan. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Iraqi Special Forces on the hunt for al Qaeda Green Business Reuters Green Business Reuters introduces a new section dedicated to the emerging green technology sector, featuring five people to watch in the business of green and our global green portfolio. Full Coverage More International News Sri Lanka fights Tiger remnants | Video Myanmar's Suu Kyi faces trial, critics outraged | Video Israel's Netanyahu to press Obama on nuclear Iran Afghan President's brother says survives ambush New Japan opposition head revives election chances More International News... Video Hopes for new stability in India Play Video Hopes for new stability in India Congress party wins India election More Video... Related News FACTBOX: Parties that hold the balance of power in India 17 May 2009 FACTBOX: India's main election trends 17 May 2009 FACTBOX: Key ministers likely in India's new government 17 May 2009 FACTBOX: Main challenges for India's winning Congress party 17 May 2009 Featured Broker sponsored link Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video Lars von Trier film "Antichrist" shocks Cannes Earthquake shakes Los Angeles area UPDATE 1-Earthquake shakes Los Angeles area Obama urges "fair-minded" abortion debate Clouds on horizon for "American Idol" juggernaut? 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Commentary Follow Bernd Debusmann on Twitter We want to hear from you Join the Reuters Consumer Insight Panel and help us get to know you better Please take a moment to complete our survey Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Interactive TV | Labs | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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