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Indian stocks rebounded from their lowest level in four months amid optimism the U.S. Federal Reserve will do more to stimulate the world’s biggest economy, and as tumbling oil prices offset a weakening Indian currency.

ITC Ltd. (ITC), the nation’s biggest cigarette company, jumped 3.2 percent. Reliance Industries Ltd. (RIL), owner of the world’s largest refining complex, rose the most in five weeks. The two companies make up 19 percent of the benchmark index. State Bank of India (SBIN), the biggest lender, gained the most in than a week.

The BSE India Sensitive Index (SENSEX), or Sensex, rose 0.2 percent to 16,071.46 at close. The 30-stock measure is valued at 12.4 times estimated earnings, the lowest level in more than three years, data compiled by Bloomberg show. That compares with a multiple of 9.8 times for the MSCI Emerging Markets Index. The Sensex has lost 12 percent from its Feb. 20 high, exceeding the 10 percent slump that signifies a correction to some investors.

The Reserve Bank of India is considering selling dollars directly to oil importers to ease demand for the greenback in the market, a central bank official said, asking not to be identified, citing policy.
The Nifty will trade between 4,810 and 5,510 in the next 18 months. UTI is India’s fifth-biggest money manager with $10.7 billion in assets.

The BSE-200 Index (BSE200) added 0.2 percent to 1,981.91. A total of 837 million shares traded on the BSE and NSE yesterday, 7 percent less than the 12-month daily average.

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