Monday, May 18, 2009

India Equity Markets Soar

Marketwatch reports:

A surge in Indian share prices following a decisive election victory by the Congress Party-led coalition over the weekend helped turn around other markets in Asia Monday.

Trading in Indian stocks was halted Monday after shares in key benchmarks surged more than 17% -- triggering market circuit breaker rules.

India's surge helped boost sentiment in other regional markets. While Japanese shares closed lower, before the start of Indian trading, exchanges open later, including Hong Kong, Shanghai and Singapore all ended higher.

The Sensex closed 17.3% higher at 14,284.21, while the 50-stock S&P CNX Nifty rallied 17.7% to 4,323.15.

"The election in India is showing a clear mandate there, and probably underlines to a lot of investors there that Asia is going to be the growth area for the next six to nine months, whereas growth in Europe and U.S. could take much longer," said Andrew Sullivan, a sales trader at Main First Securities in Hong Kong.

Source: Yahoo

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