Indian Stocks Surge Higher On Election Results (IBN, INP, SAY)

May 18, 2009 9:43 AM EDT

Indian stocks are rallying higher this morning following election results in India. Prime Minister Manmohan Singh's Congress Party won nationwide elections. Stocks saw such strong demand that trading in India, on the Sensex, was halted for the first time ever.

India Stocks:

• Sify Technologies Limited (Nasdaq: SIFY) +39%
  
• ICICI Bank Ltd. (NYSE: IBN) +36%
  
• iPath MSCI India Index ETN (NYSE: INP) +23%
  
• India Fund, Inc. (NYSE: IFN) +19%
  
• Tata Motors Ltd. (NYSE: TTM) +17%
  
• Satyam Computer Services Ltd. (NYSE: SAY) +16%
  
• Infosys Technologies Ltd. (Nasdaq: INFY) +14%

Reliance Industries, India's largest company by market cap, jumped 26% in London trading.

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