Indian ADRs surge in early trade

Indian shares trading on the American bourses skyrocketed by up to 35 per cent in the morning session, spurred by a historic stock market rally in India, which saw benchmark Sensex gaining over 2,111 points.

Among the 16 Indian stocks listed as American Depository Receipts (ADRs), private sector lender ICICI Bank, auto major Tata Motors, internet firms Sify and Rediff.Com posted smart gains.

ICICI Bank surged by 29 per cent to $30.15 while Tata Motors went up by 27 per cent to $9.68.

Rediff.Com soared by 35 per cent to $3.37 while Sify climbed 32 per cent to $1.71.

In a record performance for the Indian equity market, the BSE’s key index Sensex shot up more than 2,111 points propelled by a strong general election victory for the country's ruling United Progressive Alliance. The Sensex jumped over 17 per cent to 14,284.21 points.

Among the ADRs, Infosys, Wipro, Satyam and Patni Computer were trading higher. Infosys rose nearly ten per cent to $35.11 while Wipro gained more than 13 per cent to $12.15. Satyam shot up about 19 per cent to $2.15.

In early trade, the US markets were in the green and the key Dow Jones Industrial Average gained over 104 points.