Indian Stocks Cap Longest Winning Streak in More Than a Month
India Stocks Set For Longest Winning Streak in More Than a Month
(Bloomberg) -- Indian stocks rose for a fourth day, tracking regional peers higher before the start of the local earnings season.
The S&P BSE Sensex climbed 1.5% to 39,574.57 in Mumbai, marking its longest streak of gains since the final Friday of August. The NSE Nifty 50 Index advanced 1.4%, with financial stocks among the best performers.
Company earnings for the quarter through September begin this week, giving some insight as to how firms are faring as curbs on activity are loosened.
The earnings season may show “some positive surprises in the banking sector,” said Umesh Mehta, head of research at Mumbai-based Samco Securities Ltd., adding that fast-moving-consumer-goods companies may disappoint.
Indian businesses are counting on a pickup in consumer spending from this month due to the annual festive season.
The yield on the benchmark 10-year government bond increased by two basis points to 6.03%, while the rupee weakened to 73.4612. The central bank’s delayed monetary policy meeting will begin Wednesday and conclude on Friday.
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The Numbers
- Twelve of 19 sector sub-indexes compiled by BSE Ltd. advanced, with a gauge of financiers the top performer
- Twenty-four Sensex shares rose while six fell
- Housing Development Finance Corp. Ltd. contributed most to the advance with an 8.4% jump, while Nestle India Ltd. was the biggest drag, slipping 1%
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