Updated from 5:49 p.m. EDT
Indian stocks recovered from early losses Wednesday, finishing in the green with technology exporters taking the lead after the rupee hit a 13-month low against the dollar. The rupee accelerated its decline after Merrill Lynch lowered its forecast for the currency, citing rising inflation and unwillingness from the Indian Central bank to tighten more aggressively.
"With the rupee's decline, the outlook for the software industry is positive," said Sandeep Sabharwal, chief investment officer at J.M. Financial Mutual Fund.
Traders said investor sentiment was also boosted after the terrorist attack that hit the city of Jaipur the previous day failed to take the market down. The Bombay Stock Exchange's Sensex Index closed higher by 225 points, or 1.4%, at 16,978. ...
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