(Bloomberg) -- India’s benchmark equity index closed lower for a third day, reaching a two-week low as investors braced for company earnings that start next week.
The S&P BSE Sensex fell less than 0.1 percent in Mumbai. The benchmark has failed to click gains since a record close on the last trading day of 2017. Five of 19 sectoral sub-indexes compiled by BSE Ltd. dropped, led by a gauge of auto makers. Dr Reddy’s Laboratories Ltd. and Wipro Ltd. were the worst performers on the main measure. Adani Ports and Special Economic Zone Ltd. was the best performer while Adani Enterprises Ltd. surged to a record high.
“Investors are now positioning themselves for both earnings and the budget,” said Jitendra Panda, managing director at Peerless Securities Ltd. in Kolkata. “Expectations are that the third quarter profits should improve further.”
Companies will start announcing results for the October-December period from next week, and some investors expect a comparatively lower base will lead to higher profits. The government’s invalidation of high- currency notes in November 2016 had hurt corporate earnings.
©2018 Bloomberg L.P.
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