NEW YORK (TheStreet) -- It has been a positive week for global markets. Although the eurozone crisis has yet to be averted, news of BP (BP) setting aside $20 billion in an escrow account cheered the markets and offset disappointing housing and jobless claims data.

During the past week, the S&P 500 gained 2.7% while the Dow Jones Industrial Average increased 2.6%. The Shanghai Composite Index rose 1.3%, India's Nifty index was up 3.4% and Brazil's Bovespa gained 2.4%.

A host of emerging market American depositary receipts outperformed the markets, both domestic and foreign. Major gainers include VisionChina Media ( VISN), which rose 21.3%. The company is engaged in operating out-of-home advertising networks using real-time mobile digital television broadcasts.Last week, JPMorgan assigned a neutral rating to the stock with price target of $4.10, implying a 31% upside over current levels.

Among the solar pack, Canadian Solar ( CSIQ - Get Report) was up 20.5%, JA Solar ( JASO) gained 14.8% and China Sunergy ( CSUN) increased 13.8%.

We're bullish on this space with a long-term view as we reckon that solar energy is the future of power generation.

China Sunergy last week announced that it anticipates full-year 2010 gross margins of between 15% and 18%. Moreover, it expects to have 400 MW of solar cell capacity and 900 MW of solar module capacity by the end of 2010.

Another outperformer from China was Zhongpin ( HOGS) which gained 16.4%. We had recommended this stock in our report last week . The stock has gained 19% since then.

Turning to India, another emerging market, Mahanagar Telephone Nigam ( MTE) gained 18.7% during the past one week. The stock has been rising in anticipation that the Indian government will refund the money (approximately $2 billon) paid by state-run telecom companies towards 3G spectrum and broadband wireless access allocation.

Yhe IT pack stood out with iGate ( IGTE) gaining 10.4%, Wipro ( WIT) appreciating 7.5%, and Infosys Technologies ( INFY) increasing 7.3%.

Wipro's BPO division has partnered with Microsoft ( MSFT) to provide global legal process outsourcing for Microsoft's intellectual property portfolio.

Furthermore, Infosys revealed that it sees faster sales growth in the year ending March 2011, helped by rising demand from existing clients and new client additions.

Lastly, Brazilian ADRs Centrais Eletricas Brasileiras SA ( EBR), TAM SA ( TAM), Gol Linhas Aereas ( GOL), and Gafisa SA ( GFA) gained 9.9%, 8.8%, 7.3% and 7%, respectively.