Updated from 4:54 p.m. EDTIndian equities markets surged Monday as market participants pinned their hopes on strong quarterly results from some of India's heavyweight companies. Value hunters were also out buying up fundamentally strong stocks and traders were quick to cover short positions in the face of more reasonable valuations for stocks in the region. "In the current market scenario, most of the top stocks are trading at 15 times forward earnings. We believe that we will see some consolidation in the next 15 months as well," said S Ranganathan, head of research at LKP Securities. The Bombay Stock Exchange Sensitive Index rose 413.96 points, or 2.7%, to 15,757.08. Indian automaker Tata Motors ( TTM) announced it has raised its prices on trucks and buses by an average of 3.5% in an effort to offset surging raw material costs, according to company spokesman Debasis Ray. "Prices of raw material such as steel have shot up and we had to pass some of that to customers," Ray said. American depositary shares of Tata finished essentially flat at $16.05.
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