Indian stocks rose the most in six weeks, with the benchmark index halting a five-day slide, as the rupee strengthened and global equities rallied after the U.S. Federal Reserve pledged patience on interest-rate increases.

Bharat Heavy Electricals Ltd. (BHEL), the largest power-equipment maker, climbed the most in three weeks. Tata Power Co. (TPWR), India’s biggest non-state generator, advanced for the first time in six days, while Hindalco Industries Ltd. (HNDL), an aluminum maker, gained the most in a month. The rupee rebounded 0.6 percent to 63.2525 a dollar.

The S&P BSE Sensex (SENSEX) added 1 percent to 26,984.98 at 10:43 a.m. in Mumbai. The gauge had dropped 5.9 percent in December, set for its worst month since May 2012, as slumping oil prices and Russia’s currency crisis prompted foreign investors to pull $ 525 million from local shares in six days through Dec. 16, the longest losing streak since February.

“The worst is over as far as the stock market in India is concerned,” B.P. Singh, chief investor officer for equities at Pramerica Asset Managers Pvt. in Mumbai, said in an interview to Bloomberg TV India today. “With the Fed’s move and rebound in oil, global currencies will stabilize and the pressure on the rupee is now over.”

The MSCI Asia Pacific Index (MXAP) rose from an almost nine-month low after the Fed’s pledge to stay patient on rate increases sent U.S. stocks up the most since 2013. Most metals advanced and oil swung between gains and losses.

Bharat Heavy jumped 4.2 percent, the best performance on the Sensex. Tata Power gained 3.3 percent. Hindalco increased 3.5 percent in a second day of advance, while ICICI Bank Ltd. (ICICIBC), the biggest private lender, rallied the most in two months.

The Sensex has rallied 28 percent this year and is valued at 14.9 times projected 12-month earnings, the cheapest level since May. The MSCI Emerging Markets Index trades at a multiple of 10.7.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at

To contact the editors responsible for this story: Richard Frost at Ravil Shirodkar, Phani Varahabhotla