India stocks hit record high

India's benchmark stock index advanced to a record high Monday as investors cheered the results of weekend elections that could lead to economic reforms, CNNMoney reports.

The Mumbai Sensex rose almost 1.5 percent by mid-day, slightly loewr than its opening levels. Enthusiasm in the market also drove the Indian rupee to its highest level against the dollar in more than four months.

The jubilation comes after a strong performance from Bharatiya Janata Party in state assembly elections.

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