India’s Sensex Ekes Out Gains to Hit Fourth Straight Record High
(Bloomberg) -- India’s benchmark stock gauge closed at a record high for the fourth consecutive day, as investors shrugged off economic worries ahead of the holiday season.
The S&P BSE Sensex Index edged up 0.02% to 41,681.54 at the close in Mumbai, clocking its best weekly advance in seven after fluctuating throughout the day. The NSE Nifty 50 Index rose 0.1%. Elsewhere in Asia, stocks were mixed in a subdued Friday session following further record highs on Wall Street.
Foreign investors have pumped $13.8 billion into India’s stocks this year, the biggest inflows since 2014 and driving most of the Sensex’s 16% gain, even as economic growth lingers at a six-year low.
Ahead of the holidays, “there will be thin volumes, so there’s no point in committing fresh capital” given the big run-up, said Prakash Pandey, chief executive officer at Plutus Advisors & Consulting Pvt. in New Delhi.
- Twelve of 19 sector indexes compiled by BSE Ltd. gained, led by a gauge of companies in the consumer-durables sector.
- Tata Steel Ltd. climbed 3.7%, the most on the Sensex, while ICICI Bank Ltd. was the biggest boost.
- Tata Motors Ltd. fell the most, down 3.2%, while Kotak Mahindra Bank Ltd. was the biggest drag.
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