Drugmakers Lift Nifty Near 9,900; Cement Stocks Slide On Weak Outlook
Indian equity benchmarks gained most in over a week led by drugmakers and telecom companies.
The S&P BSE Sensex Index rose 0.8 percent to 31,955, rebounding from Tuesday’s biggest decline since December. The NSE Nifty 50 advanced 0.8 percent as well to 9,899.
The benchmarks have climbed to multiple fresh peaks this year as domestic and foreign investors bet on strong economic growth and improving sentiment on earnings results.
All 13 sector indices compiled by BSE Ltd. advanced, led by the S&P Telecom, S&P BSE Healthcare and S&P BSE Fast Moving Consumer Goods Index.
Cement Stocks Decline
UltraTech Cement Ltd. said the outlook for the cement industry was muted due to a variety of concerns ranging from the drought in South India to the subdued urban housing demand.
The industry will register an aggregate volume growth of under five percent in the July to September quarter, the Kumar Mangalam Birla group company said in a conference call with analysts.