An index of ADRs based in India surged with the U.S. markets during afternoon trading Thursday, even after an exchange in Mumbai closed flat in overnight trading.
The Bank of New York India ADR Index _ which is comprised of 13 companies _ jumped 25.93 points, or 2.59 percent, to 1,026.66. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
The spike comes after the Bombay Stock Exchange was essentially flat, up 23 points, or 0.2 percent, to 16,721 points.
Infosys Technologies Ltd. helped lead both indices, rising $1.04, or 2.5 percent, to $43.23 in New York.
Satyam Computer Services Ltd. posted the largest gain, rising $1.17, or 5 percent, to $24.70.
Sify Technologies Ltd. rose 16 cents, or 3.5 percent, to $4.85, and shares of HDFC Bank Ltd. jumped $3.55, or 3.3 percent, to $110.36.
Sterlite Industries India Ltd. posted the biggest drop, shedding 84 cents, or 4 percent, to $20.14, and shares of Mahanagar Telephone Nigam Ltd. fell 16 cents, or 2.9 percent, to $5.43.
The Bank of New York Emerging Markets ADR Index _ which includes shares of companies based in China, Mexico, Brazil and more _ lost 1.91 points to 370.83. The Bank of New York Composite ADR Index lost 0.57 points to 180.06 as the U.S. markets rose in afternoon trading.
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