By Bharath Rajeswaran (Reuters) -Indian shares extended their rally on Monday after Prime Minister Modi's party and its allies scored a decisive win in the country's richest state of Maharashtra. The NSE Nifty 50 rose 1.

The ruling Bharatiya Janata Party (BJP) and its allies are set to retain power in India’s richest state, in a major boost to prime minister Narendra Modi and his Hindu nationalist party. The Mahayuti alliance,

Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) is on course to win a landslide majority in India's richest state of Maharashtra, trends show. The BJP and its allies are leading on close to 220 out of 288 seats, comfortably placed above the halfway mark needed to form a government.

Stock benchmarks in India surged on Monday as Prime Minister Narendra Modi’s Bharatiya Janata Party-led alliance secured a thumping victory in the nation’s wealthiest state of Maharashtra.

Indian Prime Minister Narendra Modi's party and its allies were set to return to power in the nation's richest state, television channels reported on Saturday, a boost for the Hindu-nationalist leader after a disappointing general election.

Indian indices extended gains on Monday after Prime Minister Modi's party and his allies secured victory in the state of Maharashtra. The BJP's win provided some relief to the market, as the election outcome ended political instability in the Indian state.