India’s equity indices jumped 2.7% on Tuesday—the biggest single-day rise in over three months—as the rebound in Asia prompted traders to cover their bearish derivative bets, helping stocks offset Monday’s losses.

The National Payments Corporation of India (NPCI) is close to picking a 9-10% stake in Open Network for Digital Commerce (ONDC), a government initiative to rival foreign ecommerce majors in the local market, people briefed on the matter said.

Lenders to Reliance Capital (RCap) received 14 resolution plans on Monday as part of the Anil Ambani-founded holding company’s insolvency proceedings.

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