India’s Sensex Heads for a Record Close
India’s Sensex Heads for a Record Close
(Bloomberg) -- India’s benchmark stock gauge closed at an all-time high as investors joined a rally that sent stocks higher in most regional markets, buoyed by the U.S. suspension of additional tariffs on China.
The S&P BSE Sensex Index advanced 1% to 41,352.17 as of 3:30 p.m. close in Mumbai, hitting a record-high close. The NSE Nifty 50 Index climbed 0.9% to its highest level on record as well. Stocks edged higher from Tokyo to Shanghai after the S&P 500 Index closed at an all-time high.
India’s equity market has benefited from foreign investors pumping $13.3 billion into the nation’s stocks this year, more than exceeding the highest annual inflows since 2014 and driving most of the Sensex’s 15% gain in 2019. Still, a new law placing restrictions on citizenship may further impede an economy that’s growing at the slowest pace in more than six years.
Strategist View
“The market will remain in a good mood because of the global environment, but there will be pockets of profit-booking because there are no further triggers in the next two weeks,” said Umesh Mehta, head of research at Samco Securities Ltd. in Mumbai.
The Numbers
- Fifteen of 19 sector indexes compiled by BSE Ltd. rose, led by a gauge of telecom companies.
- Tata Steel Ltd. climbed 4.4%, the most on the Sensex as Citi raised its rating to buy from sell. Housing Development Finance Corp. was the biggest boost.
- Sun Pharmaceutical Industries Ltd. was the biggest loser, with a 1.4% drop, while Reliance Industries Ltd. was the biggest drag.
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--With assistance from Anto Antony.
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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