Stocks in India advanced for the second day in a row on Thursday as traders covered shorts and rolled over their derivatives contracts that were set to expire later in the day. Also helping the rally was a strong showing from Indian software stocks such as Wipro (WIT - Get Report) and Infosys (INFY), following a move by Citigroup (C) that raised its earnings estimates for the software sector due to an adjustment higher for the rupee against the U.S. dollar.
"The markets rose on continued short-covering. We may, however, see unwinding of positions if inflation data is weak tomorrow," said Bhaskar Kapadia, a partner with brokerage Pyramid Securities.
The Bombay Stock Exchange's Sensex Index rose 201.75 points, or 1.4%, to 14,422.82. Here's a look at how some India-based American depositary shares traded in the U.S. on Thursday.
Satyam Computer Services (SAY), an India-based consulting and information technology service provider, announced it has formed a strategic alliance with U.S.-based Sciformix Corporation, a life science knowledge process outsourcing firm, to deliver end-to-end data management services in Pharmacovigilance. The two companies will work together to help pharmaceutical and biotechnology companies improve the safety of their products while saving on costs and adding scalability. American depositary shares of Satyam Computer, which trade on the NYSE, slipped 6% to $24.38.Cognizant Technology Solutions (CTSH - Get Report), a U.S.-based information technology, consulting and technology services company with a large to exposure to the Indian market, was selected by KeyCorp (KEY), a financial services company, as the technology vendor of 2007 for enterprise technology development. The company said it picked Cognizant because it provided innovative solutions that helped enhance product development and utility along with business agility and speed-to-market. Shares of Cognizant Technology fell 5.6% to $32.51.