Sensex Caps Weekly Gain Boosted by Reliance, Easing Tensions
Sensex Set for Weekly Gain as Business Resumes, Tension Eases
(Bloomberg) -- Indian stocks rose Friday, extending their gains for the week, as Reliance Industries Ltd. lifted the benchmark index after updating the market on its debt position and border tensions with China eased.
Reliance Industries, the nation’s most valuable company, became net-debt free after completing a slew of deals starting with Facebook Inc., and including the likes of KKR & Co. All in all, it has raised more than $23 billion from stake sales and a rights issue.
The S&P BSE Sensex added 1.5% to 34,731.73 in Mumbai after swinging between gains and losses at least five times. The measure completed a weekly advance of 2.8%. The NSE Nifty 50 Index rose by a similar magnitude today.
After deadly border clashes with China this week, India said the two nations will join in a summit with Russia next week. The government is also proceeding with an auction of coal blocks for mining that it said would boost state revenue and create jobs.
“Things are looking a little more favorable than before, which shows government measures are working and some sectors, like auto, have started talking positively,” said Deven Choksey, a strategist at KRChoksey Investment Managers Pvt in Mumbai.
The yield on the most-traded 6.45% 2029 bond was little changed at 5.98%, while the rupee weakened 0.1% to 76.2112 per U.S. dollar.
The Numbers
- Seventeen of 19 industry sub-indexes compiled by BSE Ltd. advanced, led by a gauge of realty companies
- Bajaj Finance Ltd. was the top gainer on the Sensex, rising 6.7%, while Infosys Ltd. was the biggest drag, declining 1.2%
- Reliance Industries rose 6.2%
Market-related stories
©2020 Bloomberg L.P.