The electoral victories will embolden the BJP to go on the offensive in the ongoing winter session of Parliament.

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.

Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:

Prime Minister Narendra Modi and his party scored a big political win over the weekend. After losing its parliamentary majority in national elections in June, the BJP posted a landslide victory in a state election in Maharashtra,

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 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.

"You know that on the 12th of January, on the birth anniversary of Swami Vivekananda, the country celebrates ‘Youth Day’. Next year is Swami Vivekananda’s 162nd birth anniversary," PM Modi said.