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Markets gain 2.3%, the most in two weeks

Markets gain 2.3%, the most in two weeks
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First Published: Wed, May 26 2010. 09 14 PM IST
Updated: Wed, May 26 2010. 09 14 PM IST
Singapore/Mumbai: India’s stocks rose the most in at least two weeks on speculation recent losses that sent the benchmark index 11% below its 7 April peak may be excessive after commodity prices rebounded and corporate profits increased.
Sterlite Industries (India) Ltd snapped a three-day slump, tracking a recovery in metal prices. Bharat Petroleum Corp. Ltd rose after JPMorgan Chase and Co. upgraded the shares, citing a “more constructive view” on India’s refiners and energy distributors. Power Grid Corp. of India Ltd rose 2.3% after reporting higher profit.
The Bombay Stock Exchange’s Sensex index advanced 365.36 points, or 2.3%, to 16,387.84, its largest gain since 10 May. The gauge on Tuesday completed an 11% plunge from its recent high, more than the 10% some analysts consider a correction. The S&P CNX Nifty index on the National Stock Exchange climbed 2.3% to 4,917.40.
Bloomberg
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First Published: Wed, May 26 2010. 09 14 PM IST