India's rupee traded higher for the second day in a row helping to lift stocks on the Bombay exchange. Market participants saw investor sentiment rise as speculation mounts that investors from abroad will continue to bargain hunt in beaten-up emerging markets like India. The Sensex Index rose by 155.62 points, or 0.9%, to 17,806.19.
India's Railway Minister Lalu Prasda announced plans to reduce transportation charges -- cutting freight rates for gasoline and diesel by 5% and cutting fly ash by 14%. "The cut in freight rates for fuel and fly ash have boosted stocks of refiners and cement makers," said Sandeep Neema, asset manager at J.M. Financial Mutual Fund in Mumbai.
Investors looking for more ways to play the emerging market boom can now look at two new India exchange-traded funds. The WisdomTree India Earnings Fund (EPI Quote) is a pure play that will track 150 Indian companies based on earnings performance. Shares of EPI began trading Monday and finished Tuesday up 1.1% at $26.16. On March 1 the PowerShares India Portfolio (PIN Quote) is set to launch, and will track 50 Indian stocks, with the goal of representing the overall Indian stock market. ...
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