India Recap
Stocks in Bombay rose Friday as market players ignored more troublesome inflation data. The wholesale price index jumped to three-year highs of 7.57% for the week ending on April 19, up from 7.33% a week earlier, due to rising costs for rice, milk, tea, vegetables and manufactured goods. Economists had forecast a 7.42% increase. Analysts in the region said that Prime Minister Manmohan Singh might be forced to take more drastic measures to tame inflation, or risk losing public support in the general elections next year.
"People now realize that inflation is expected to remain around that level. So, the same piece of bad news will not impact the market every week," said Daljeet Kohli, head of research at Emkay Share & Stock Brokers.
The Bombay Stock Exchange's Sensex Index surged 312.81 points, or 1.81%, to 17,600.12. ...
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