Australians are increasingly likely to find some of their superannuation is invested in Indian stocks, as local fund managers join the flood of foreign capital that has helped pushed the nation’s equity markets to record highs in anticipation of a more business-friendly government coming to power.

The result of the Indian general election is due to be declared on May 16. It is widely expected the Bharawtiya Janata Party (BJP), led by its prime ministerial candidate Narendra Modi , will form a minority government.