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Investing

India Election Winners By ETF & Shares (PIN, EPI, IIF, IFN, INP, INFY, IBN, REDF, SAY, SLT, TTM, WIT)

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By Douglas A. McIntyre Updated Published
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It is rare that you see an election have this large of an impact, but the Indian stock market surged on the new election results.  The Congress Party won a decisive victory in India and this sent Indian stocks up 17% on average.  The move was so large that the Bombay Stock Exchange had to close after already seeing one halt.  This had a huge impact on stocks, which you can see reflected in the share prices in the high pre-market indications of the major ETF’s, closed-end funds, and active ADR’s listed below.

ETF’s and closed end fund gainers representing India are as follows:

PowerShares India (NYSE: PIN) up 15% at $17.00 at 9:07
WisdomTree India Earnings (NYSE: EPI) up 23% at $17.20 at 9:07
Morgan Stanley India Investment Fund, Inc. (NYSE: IIF) up 17% at $18.85 at 9:07
India Fund, Inc. (NYSE: IFN) up 20% at $25.93 at 9:07
iPath MSCI India Index ETN (NYSE: INP) up 23% at $48.75 at 9:08

The key Indian ADR shares are as follows:

Infosys Technologies Ltd. (NASDAQ: INFY) up 13% at $36.35 at 9:09
ICICI Bank (NYSE: IBN) up 31% at $23.39 at 9:09
Rediff.com India Ltd. (NASDAQ: REDF) up 32% at $3.30 at 9:09
Satyam Computer Services (NYSE: SAY) up 13% at $2.05 at 9:09
Sterlite Industries (NYSE: SLT) up 19% at $10.98 at 9:10
Tata Motors (NYSE: TTM) up 13% at $8.59 at 9:10
Wipro Ltd. (NYSE: WIT) up 9% at $11.65 at 9:10

This election is expected to allow the government to have a greater degree of flexibility to boost economic reform and growth.  The prior communist parties had not been favorable for issues such as insurance, privatizations, and pensions.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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