The momentum of India’s stock market surge, ignited by the optimistic projections of a significant victory for the Bharatiya Janata Party (BJP) in the exit polls, has transcended borders, influencing the stocks of Indian companies trading on US exchanges.
Market Surge Transcending Borders
On Monday, 8 out of the 11 Indian company stocks trading as American Depository Receipts (ADR) on US exchanges experienced a notable upswing.
Leading the charge in Over-The-Counter (OTC) trading, Azure Power Global, a prominent solar energy entity, marked an impressive gain of 8 percent.
Following suit were two banking giants listed on the New York Stock Exchange (NYSE), with ICICI witnessing a surge of 5.89 percent and HDFC notching a substantial increase of 5.77 percent.
On the NASDAQ exchange, the upward trajectory continued with two renowned travel companies making significant gains.
Make My Trip saw an increase of 3.2 percent, closely trailed by Yatra, which climbed by 2.34 percent.
Wipro, the esteemed technology and consultancy multinational, exhibited a commendable rise of 2.33 percent on the NYSE.
Furthermore, on the NYSE, pharmaceutical stalwart Dr. Reddy’s Laboratories experienced a notable uptick of 1.12 percent, while Infosys, a global leader in consulting, technology, and outsourcing solutions, witnessed a modest increase of 0.6 percent.
These remarkable surges underscore the prevailing enthusiasm in the Indian stock market, where the Sensex index surged by 3.39 percent and the Nifty 50 rose by 3.29 percent on Monday.
Investors’ optimism appears to be fueled by the exit poll results, which are indicating a strong mandate for the ruling BJP in the upcoming elections, sparking a bullish sentiment both domestically and across international markets.
Analysts anticipate continued volatility in the coming days as investors await the official election results, with the outcome poised to significantly influence market dynamics and investor sentiment in the days ahead.
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