The S&P BSE Sensex surged over 250 points in trade on Wednesday, led by gains in ICICI Bank, Infosys, HDFC Bank, and Reliance Industries.

The 50-share Nifty index also rallied over 70 points to reclaim its crucial psychological level of 8400, supported by gains in consumer durables, banks, power and realty stocks.

Reports on Indian ADR’s
• Indian ADRs ended higher on Tuesday.
• In the IT space, Infosys rose 0.29 percent at USD 31.70.
• Wipro was up 0.06 percent at USD 11.76.
• In the banking space, ICICI Bank added 0.22 percent at USD 10.52.
• HDFC Bank gained 0.64 percent at USD 58.34.
• In the other sectors, Tata Motors fell 0.64 percent at USD 41.06.
• Dr Reddy’s Laboratories advanced 1.01 percent at USD 57.11.

Indian Market Highlights
Conglomerate Reliance Industries has issued a $200m 20-year callable Formosa at par to yield 5 percent. The deal is the first Formosa bond from an Indian company. A handful of state-owned Indian issuers, including Power Finance Corp, PNB Housing Finance and the Housing and Urban Development Corp (Hudco), plan to sell bonds in the next few weeks.

While both Hudco and PFC intend to pursue offerings of between 10 billion rupees ($157 million) and 20 billion rupees, PNB Housing aims to sell bonds of 5 bln rupees to 10 bln rupees.

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