India's Sensex Index jumped 17.3% this morning before trading was halted. Usually markets halt trading to deal with very large declines. This has to be the only time that I can recall an entire stock market being shut down because of a massive upward movement.
And the cause of the jump? Politics. Prime Minister Singh effectively won the Indian election by taking enough votes to form a government without including the communist party. The expectation is that this will give Singh the ability to implement some much needed reforms - reforms which should have been adopted decades ago.
Needless to say, commentators and analysts are tripping over themselves to predict how much further the market will run when it re-opens tomorrow.
As for the private portfolio, I hold both of the HK listed India ETFs (2810 and 2836) and benefited nicely from today's jump in the underlying index. :-)