India Sensex Posts Best Run in Three Months on Earnings Cheer
The S&P BSE Sensex Index rose 0.3% to 38,633.24 as of 9:44 a.m. in Mumbai, set for a fourth day of gains.
(Bloomberg) -- India’s benchmark stock index posted its longest winning streak in more than three months after Wipro Ltd. boosted investor optimism with earnings that beat all estimates.
In a volatile trading session that saw it pare gains multiple times, the S&P BSE Sensex Index rose 0.2% to 38,598.99 as of 3:30 p.m. close in Mumbai. That marked a fourth day of gains and its longest winning streak since July 4. The NSE Nifty 50 Index climbed 0.3%.
Wipro reported quarterly net income that beat the highest analyst estimate on Tuesday, adding to investor optimism that companies will deliver rosier outlooks. So far this earnings season, two other Nifty members have announced results in line with expectations, while two have missed projections.
Strategist View
“You can trade the Nifty on the long side” today, buying on dips of 30 to 40 basis points, while banks can be a positive surprise from now until the Oct. 27 Diwali holiday, said Prakash Pandey, chief executive officer at Plutus Advisors & Consulting.
The Numbers
- 10 of 19 sector sub-indexes compiled by BSE Ltd. advanced, led by a gauge of oil and gas stocks.
- Bajaj Finance Ltd. was the top gainer on the Sensex index; Hero Motocorp Ltd. was the biggest drag.
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To contact the reporter on this story: Ishika Mookerjee in Singapore at imookerjee@bloomberg.net
To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Margo Towie, Cecile Vannucci
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