Indian ADRs surge on Wall Street after rally at homeMay 19th, 2009 - 12:05 am ICT by IANS
New York, May 18 (IANS) Indian shares listed on American bourses climbed in early market trade Monday spurred by historic market rally in India after the Congress-led alliance’s victory in the parliamentary polls.
Among the 16 Indian stocks listed as American Depository Receipts (ADRs), Tata Motors rose by 27 percent to $9.68, ICICI Bank rose more than 29 percent to $30.15 and Infosys Technologies gained 15.3 percent to $36.95.
Rediff.com soared by 35 percent to $3.37, Sify climbed 32 percent to $1.71, Wipro gained more than 13 percent to $12.15 and even beleaguered Satyam shot up about 19 percent to $2.15.
In early trade, the US markets were in the green and the key Dow Jones Industrial Average gained over 104 points.
Shares of Patni rose 10 percent to $9.81. Another major gainer was HDFC Bank, whose stocks soared 23.14 percent to $97.16. The scrip of leading copper producer Sterlite Industries climbed 21 percent to $11.12.
Among telecom entities, Tata Communications climbed 19 percent to $24.87, Mahanagar Telecom Nigam Ltd soared 22 percent to $3.54.
Pharma major Dr. Reddy’s Laboratories too was trading higher in the morning session. The scrip of the company went up 13 percent to $13.15.
In addition, shares of BPO firms - WNS and EXLService - rose as much as seven percent. Stocks of Genpact was at $9.75, up one percent.
Earlier, the Indian stock markets greeted the election results with the Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) rising an unprecedented 2,099.21 points, or 17.24 percent, the broader 50-share S&P CNX Nifty of the National Stock Exchange (NSE) gaining 636.4 points, or 17.33 percent.
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