India's Elections Dominate the News, but Other Markets Still Cautious

Indian markets soar – and then glide down – as its business friendly party appears to head for thumping victory in the world's largest democratic election. Narendra Modi promised to improve the country's infrastructure and clean up government, but not to let in foreign supermarkets. In France the telecoms sector is buzzing, as Numericable readies purchase of Virgin Mobile France and Bouygues and Orange open talks, which could lead to an $8 billion merger. London supermarket WM Morrison rises on private equity bid speculation.

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