(Bloomberg) -- India stocks climbed to another record high as benchmark indexes advanced for a fifth day.
The S&P BSE Sensex added 0.5% to 46,890.34 in Mumbai, while the NSE Nifty 50 Index rose 0.4%. The measures followed a regional gauge higher even as the number of falling stocks exceeded those that rose.
Valuations suggest India’s benchmark indexes will end next year around similar levels to where they are now, according to analysts at Kotak Securities Ltd. The Sensex is trading at nearly 29 times one-year forward earnings, the highest since at least 2004, according to Bloomberg data.
“The excess liquidity situation globally is expected to sustain for the medium term, which will continue to lend support to equities, said Binod Modi, head of strategy at Reliance Securities Ltd. in Mumbai.
The yield on the benchmark 10-year government bond was little changed at 5.89%, while the rupee was also little changed at 73.5850 against the U.S. dollar.
The Numbers
- Eleven out of 19 sector sub-indexes compiled by BSE Ltd. fell, with a gauge of metal companies dropping the most
- Twelve Sensex shares rose, while 18 fell
- Housing Development Finance Co. was the biggest gainer and boost, adding 2.9%, while Hindustan Unilever Ltd. was the biggest drag and lost 1.2%
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