Nifty hits all-time high: Modi's UP win a huge confidence boost for reforms

The prime minister's win should bode well for foreign portfolio investment in India.

The Nifty rose as much as 2.1 percent to a record high on Tuesday as investors saw Prime Minister Narendra Modi's landslide victory in Uttar Pradesh as endorsing his economic reform agenda.

Modi's win, announced on Saturday, strengthened his claim to a second term in national elections in 2019, and investors are betting it will embolden the ruling Bharatiya Janata Party (BJP) to embark on more reforms including launching a national sales tax.

The broader NSE Nifty rose as much as 2.1 percent to a record high of 9,122.75 points in the first trading session since the election results were announced, surpassing