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Indian shares find local support as election results worsen foreign sales

India's institutional investors have been buying shares this week after an unexpected slim majority for Prime Minister Narendra Modi-led alliance battered the markets and led to hefty sales by overseas investors. The benchmark Nifty 50 index slipped the most in four years on Tuesday, when the election results were announced. The benchmark index has since gained more than 7%, and is only 2% lower than its close on Monday, when it had hit a record high after exit polls over the weekend predicted a landslide victory for Modi.