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Indian Stocks Rebound as Traders’ Bottom Fishing Spurs Advance

  • Sensex gains 0.8% after falling to lowest level since end-Jan.
  • Outlook turning bearish as daily infections rise past 300,000
Testing at the Jawahar Lal Nehru Stadium as Covid-19 Cases Continue to Spike
Photographer: T. Narayan/Bloomberg
Updated on

Indian stocks rose the most in a week, lead by a rebound in lenders, as investors rushed to buy a correction in stocks, spurred by the world’s biggest daily spike in coronavirus cases.

The S&P BSE Sensex rose 0.8% at 48,080.67 in Mumbai, after closing at its lowest level since end-January on Tuesday. The market was shut on Wednesday for a local holiday. Still, the Sensex has lost about 8% from its recent peak on Feb. 15, nearing losses read as a technical correction. The broader NSE Nifty 50 Index also gained by a similar magnitude. The rupee pared declines.