Despite a tepid market, India country-specific exchange traded funds stood out Thursday after strong earnings among top companies fueled optimism for further growth in the emerging economy.

On Thursday, the iShares MSCI India ETF (BATS: INDA) rose 1.7%, PowerShares India Portfolio (NYSEArca: PIN) gained 1.3% and WisdomTree India Earnings ETF (NYSE: EPI) increased 1.6%. All three funds are now trading above their 50- and 200-day simple moving averages.

Indian equities rallied after Larsen & Toubro Ltd. (LT), the most-valuable engineering company, surged 13.9%, the most in seven years, after announcing quarterly profits beat estimates, reports Rajhkumar K Shaaw for Bloomberg.

Related: India ETFs Surge After $12.9bn Budget Proposal

“Larsen is a proxy for other investments as it signals first-level development happening in the economy,” Deven Choksey, managing director of K.R. Choksey Shares & Securities Ltd., told Bloomberg.

Larsen & Toubro makes up 2.1% of INDA’s underlying portfolio, 0.8% of EPI and 1.1% of PIN.

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Indian corporate earnings are rebounding after declining four of the past five quarters, the worst performance since the financial crisis. So far, thirteen of 23, or 57%, of Sensex companies have revealed better or matching results to estimates.

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