India Stocks Mark Fifth Weekly Decline in Six on Growth Outlook
Indian equities swung between gains and losses, with key indexes headed for their fifth weekly loss.
(Bloomberg) -- Indian equities marked their fifth weekly loss in six after a volatile session on Friday, as investors mulled the outlook for company earnings and economic growth.
The benchmark S&P BSE Sensex rose 0.1% to 37,350.33 at the 3:30 p.m. close in Mumbai on Friday after paring earlier loss of as much as 0.9%. The NSE Nifty 50 Index rose 0.2%. Both gauges still capped a weekly decline of 0.6% each, though markets were closed Monday and Thursday for holidays. Tata Consultancy Services Ltd. was today’s biggest drag and ITC Ltd. the biggest support on both measures.
A regional equities benchmark is on course for a fourth-straight week of losses as investors assessed the prospects of a global economic slowdown and prolonged trade tensions between China and the U.S.
Strategist View
- Valuations have become more reasonable but the threat of further earnings downgrades, uncertain global and domestic macroeconomic conditions and “super-high multiples” of consumer stocks “reduce the investment appeal of the Indian market,” Kotak Institutional Equities analysts led by Sanjeev Prasad wrote in a note.
The Numbers
- Eleven of 19 sector sub-indexes compiled by BSE Ltd. gained, led by a gauge of utility stocks.
- Yes Bank Ltd. was the top gainer on the benchmark, adding 3.8%. The lender said it raised 19.3 billion rupees ($271 million) in a placement to investors.
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To contact the reporter on this story: Abhishek Vishnoi in Singapore at avishnoi4@bloomberg.net
To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Margo Towie, Kurt Schussler
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