11:00pm (EST)

I’ve gotten quite a few emails asking about India’s stock market (Bombay Stock Exchange) after it zoomed 17% on Monday. The index rose a staggering 2,110 points, or 17.3% to be exact, to 14,284, and triggered a temporary trading halt after the ruling coalition sealed a decisive election victory that calmed fears of political uncertainty.

Political events are market movers and the election over the weekend meant big gains for investors who were long some India names on Friday. If you don’t have the time or means to purchase individual Indian stocks, you can look at ETF’s (exchange-traded funds) if you believe there may be a prolonged rally.

Some stocks that have India exposure would include Tata Motors (TTM, $9.10, up $0.03) which moved from $7.60 to over $9 yesterday, Icici Bank (IBN, $29.88, up $0.59) which jumped $6 on Monday, Dr. Reddy’s Laboratories (RDY, $13.14, up $0.35) and Infosys Technologies (INFY, $33.23, down $1.67). If you are looking for an ETF, try WisdomTree India Earnings (EPI, $16.81, down $0.37).

I didn’t list any options and you should do some more homework before jumping in any of these names, long or short.

Okay, twist my arm. I don’t want to be like a blister and show up after the work is done, so just in case…the Icici Bank June 35 calls (IBNFG, $0.85, down $0.05) are trading for under a buck but the stock has serious resistance at $30.

Rick Rouse
Rick@OptionsMentoring.com