FAST MONEY FEATURES
FAST MONEY POLLGet in the post game. Respond to our "Question of the Day" right now.
FULL SHOWSMissed an episode of Fast Money? Watch the lastest show here.
TRADE SCHOOLGrab a pencil because school is in session and the Fast Money traders are teaching class.
FAST MONEY PODCASTSDownload Fast Money onto your MP3 Player.
FAST MONEY WIDGETGrab this all-in-one application and get recaps of the show sent right to your desktop or blog.
SHOP FOR FAST MONEY MERCHANDISEGet your game on with Fast Money gear.
FAST MONEY PHOTOS!Check out our scrapbook. These "pix" are guaranteed winners.
NEWSLETTERSign up and receive a recap email every Friday after the show!
FAST MONEY MOBILE ALERTSGet advanced information about the next Fast Money.
Text Size 
 |
India's main stock index surged more than 17 percent on Monday for its biggest single-day gain in almost two decades, after the capitalism party beat out communist rivals and won a decisive election victory that calmed fears of political uncertainty.
Investors cheered the victory by sending the market up nearly 15 percent within seconds of opening, triggering circuit breakers that halted trade for two hours.
A final circuit breaker was set off almost immediately after trading resumed, halting trade for the rest of the day.
| ||
And it wasn’t just stocks that took off like a shot. The rupee <INR=IN> soared more than 3 percent to five-month highs against the dollar, its best one-day rise in more than a decade.
"Clients want to buy. They have nothing else to say," muses R. Sriram, a technical analyst at ICICI Securities.
Meanwhile, Morgan Stanley raised its end 2009 target for India’s BSE index to 15,300 points, a rise of 7 percent from current levels, saying Indian companies would benefit from the election victory.
"We, now believe, that there is greater probability of our bull case rather than our bear case," analysts Ridham Desai and Sheela Rathi wrote in a note.
Still, after the hefty rally, there were words of caution.
"In the short-term, sellers will come in, as ultimately economics will have to come in play," said Jayesh Shroff, fund manager at SBI Capital Markets, when the euphoria fades.
What’s the trade?
For the long-term Tim Seymour likes recent events; it’s a vote of confidence for capitalism, he says.
However, in the near-term India is currently trading about 40% expensive to the rest of EM, he adds. I don’t think this is the day to jump into these stocks. India is a very exciting market and it’s an exciting day but not a day to dive in.
However, Seymour does have some India based companies worth putting on your radar in the event of a pullback. They are Tata Motors [TTM
Loading...
()
] , ICICI Bank [IBN
Loading...
()
], Infosys Technologies [INFY
Loading...
()
] and Dr. Reddy’s Laboratories [RDY
Loading...
()
].
- Your First Move For Wednesday November 25th
- Web Extra: Seymour's M&A Play
- Pops & Drops: American Eagle, Green Mountain Coffee...
- Giving Thanks: Najarian
- Take Your Position: Cyber Monday
- Rick's Turkey: Fed Transparency
- Under The Radar Trades
- Our Best Black Friday Trades
- GDP Drags Stocks Lower
- Halftime Report: Is Oil Heading To $96?
______________________________________________________
Got something to to say? Send us an e-mail at and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .
Trader disclosure: On May 18th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AAPL), (BAC), (BX), (EEM), (FCX), (INFY), (PBR), (TTM); Macke Owns (AAPL), (WFC), (AGU), (GE), (SKF), (SDS); Finerman's Firm Owns (PBR), (RIG); Finerman's Firm Owns (BAC) Preferred; (WFC) Preferred; Finerman's Firm Is Short (BAC), (WFC); Najarian Owns (AMD) Calls; Najarian Owns (APC) CAll Spread; Najarian Owns (BBY) Put Spread; Najarian Owns (BP) Call Spread; Najarian Owns (BX) Calls; Najarian Owns (FAS) Call Spread; Najarian Owns (INTC) Calls; Najarian Owns (HPQ) Put Spread; Najarian Owns (MOS) Call Spread; Najarian OWns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Calls
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes