India’s Midcap Stock Index Rises to a Record, While Sensex Falls
(Bloomberg) -- India’s mid and small-cap gauges rose on Thursday, while the benchmark index, which climbed earlier in the session, reversed gains in the last hour of trading on profit booking.
The S&P BSE Midcap Index rose 1.1% to close at a record after advancing for a seventh consecutive session, its longest run of gains in a month. The S&P BSE Smallcap Index climbed 0.9%. The benchmark S&P BSE Sensex fell 0.2% to 48,093.32 after rising as much as 0.8% earlier in the day.
Stocks in most Asian markets rose on the prospects for increased U.S. government spending to help revive global economic growth after Democrats won control of the U.S. Senate.
In India, builders including Indiabulls Real Estate Ltd. and Sobha Ltd. got a boost after the Maharashtra state government slashed levies on construction projects. A measure of realty stocks climbed 1.2% on the news.
Later this week, the quarterly earnings season begins with Asia’s largest software exporter Tata Consultancy Services Ltd. due to report results Friday.
“We believe third quarter earnings and global cues would provide further direction to the markets,” said Ajit Mishra, vice president research at Mumbai-based Religare Broking Ltd. “Traders should maintain extra caution in the selection of stocks now and focus on overnight risk management.”
- Six of 19 sector indexes compiled by BSE Ltd. declined, led by a gauge of consumer goods companies
- Infosys Ltd. contributed the most to the Sensex decline, decreasing 1.5%, while Titan Co Ltd. had the largest drop, falling 2%
- India’s Costliest Housing Market Gets a Boost as Levies Slashed
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