The Reformed Broker, AKA Louis Lane, here with today’s Market Recap…
OMG…India’s Sensex Index literally exploded overnight, rallying more than 2000 points, or 17.34% in one session.
This led to a massive commodity and overseas-exposure rally here in the US with the Dow up around 200 points at the 3:30 look. Top sectors include Oil & Gas and the Copper names.
Here’s a quick look at the MSCI India Index ETF on a 5 day chart:
Nice to see signs of life from a developing nation other than China. I’m not crazy about the reason for the rally (a pro-business regime held sway over a communist regime in their elections) and I certainly wouldn’t be piling into India stocks after a move like that, but still, it was quite a thing to behold.
The India news combined with a big upgrade for Bank of America (BAC) and that was the recipe for broad rally.
What a day! Enjoy Alanis thanking India live from VH1‘s Storytellers.
Thanks for reading today and have a great night.
Full Disclosure: I have no positions in any of the stocks mentioned here. My commentary above is simply a recap of market activity, please do not trade based on anything you read here. For a full disclaimer, see my Terms & Conditions page.