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World Market: India's index vaulted 17 percent after investors saw election results

India's index vaulted 17 percent after investors saw election results as paving the way for economic reforms.

S&P CNX NIFTY (NSE: ^NSEI) Index Value: 4,323.15 Trade Time:  6:00am ET Change: Up 651.50 (17.74%)
BSE SENSEX (Bombay: ^BSESN) Index Value: 14,284.21 Trade Time:4:25am ET Change:    Up 2,110.79 (17.34%)

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.

Mineral extractor Vedanta Resources  (UK:VED 1,358, +31.00, +2.36%) , up 3%, and oil producer, Cairn Energy  (UK:CNE 2,424, +89.00, +3.81%) , up 3.5%, also operate in India.

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.

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