From BBC News:
Battered Indian shares have rebounded after their worst ever day of trading. The Bombay Stock Exchange’s benchmark Sensex index closed 8.3% higher at 4,877.02. It had lost more than 16% during trading on Friday and Monday. The news that Sonia Gandhi, the Italian-born leader of the Congress party, was not planning to take the position of prime minister was a key factor in Tuesday’s rally, traders said. She later confirmed the reports and withdrew from the race. A possible replacement is Manmohan Singh, a senior party member and the man who launched India’s economic reforms in the 1990s. In an interview, he said that the new government’s “policies will be pro-growth, pro-savings, pro-investment”.