Stocks in India put in a strong showing Friday, bouncing of a six-month low established in the previous trading session. The Bombay Stock Exchange Sensitive Index roared higher by 403.17 points, or 2.6%, to 15,760.52.
Value investors helped lead the rally in the Far East as market players continue to pick through the rubble to find high-quality stocks on sale. India's benchmark index has plunged more than 20% since January.
"Today's rise was more of a technical bounceback. Markets are still nervous and the outlook remains more negative than positive," said Nipun Mehta, chief executive at Unitis Tower Wealth Advisors.
The bounce overseas did little to help Indian ADRs on the U.S. stock exchanges. Indian closed-end management funds and exchange-traded funds fell across the board with The India Fund (IFN Quote) dropping 4.9% to $43.72; Morgan Stanley India Investment Fund (IIF Quote) losing 3.7% to $37.26; and WisdomTree Trust (EPI Quote) falling 2.9% to $22.27. ...
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