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US listed Indian stocks rebound; gain $11 bn

This article was posted on Oct 14, 2008 and is filed under Stock News

A sharp recovery in the global markets drove Indian stocks listed on American bourses to gain over USD 11 billion collectively in a single day led by IT major Wipro. The shares of 16 Indian companies listed on Nasdaq and the New York Stock Exchange have collectively seen a value increase of over USD 11.54 billion on Monday against the cumulative loss of USD 19.45 billion they suffered during the week ending October 10.

Wall Street yesterday saw its biggest rally in 75 years, with Dow Jones index shooting up more than 11 per cent.

The tech-heavy Nasdaq jumped 194.74 points, or 11.81 per cent and the Standard & Poor’s 500 index rose 104.11 points, or 11.58 per cent.

Led by IT bellwether Wipro, whose market capitalization increased over USD 3 billion, the banking companies which contributed maximum towards last week’s losses regained their ground on Monday.

ICICI and HDFC Bank, which were major losers last week, gained nearly USD four billion in a single day. ICICI Bank gained USD 2.25 billion, while HDFC Bank gained USD 1.63 billion.

Another major gainer was Infosys which saw its market capitalisation jumping by USD 1.30 billion, while Tata Communication’s value increased by USD 645 million.

Last week Infosys had posted a better than expected second quarter results, thereafter it revised its US-dollar revenue guidance. As per the revised guidance, the full-year revenue is expected to be USD 4.72-4.81 billion compared to the previous guidance of USD 4.97-5.05 billion.

source: Financialexpress

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