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LOS ANGELES(MarketWatch) -- India's stocks soared out of the open Monday, with the benchmark Sensex 30 rising 10.7%, triggering market circuit-breakers to halt trading for one hour. The leap came amid optimism that the Congress Party's alliance victory in the just-concluded general election will result in a more market-friendly economic policy
In London --- Indian markets move select stocks.
LONDON (MarketWatch) - Gains from Asia-focused banks boosted London's top share index Monday, with investors eyeing news that the Congress Party's alliance swept to victory in the Indian general election.
HSBC Holdings, (HBC 40.60, -0.51, -1.24%) (UK:HSBA 551.25, +19.25, +3.62%) , up 4.3%, has more than 150 offices in India. The country ranks third in the area in terms of number of branches for HSBC, behind Hong Kong and China.
Standard Chartered (UK:STAN 1,230, +55.00, +4.68%) , up 5.2%, has 90 branches in India.
Investors are optimistic that the Indian election will lead to a more market-friendly economic policy. Shares rallied by double-digit amounts in India after the election result. Read more on Asia stocks.
European stocks followed most Asian markets lower after two of Japan's leading companies -- Panasonic and Mizuho Financial -- reported colossal losses for the last fiscal year.
India provided a bright spot, however, its shares surging in early trade as results of national elections boosted confidence about the government's stability and ability to enact long-awaited reforms.