India Stocks Set for Longest Stretch of Weekly Gains Since November
India Stocks Set for Longest Stretch of Weekly Gains Since November
(Bloomberg) -- India’s equities benchmark completed its longest stretch of weekly gains since November, with the measure tracking regional peers lower on Friday after the European Central Bank downgraded the outlook for the euro-zone’s economy.
The S&P BSE Sensex advanced for a third week, the longest streak since the period through Nov. 16, data compiled by Bloomberg show. The gauge fell 0.2 percent to 36,671.43 on Friday, while the NSE Nifty 50 Index also declined by a similar amount.
Stocks from Sydney to Hong Kong retreated after the ECB dialed back its economic expectations. India’s equity market has advanced as overseas investors bought $519.2 million of shares this month through March 6.
Strategist View
- “Slowing growth in the developed world will see more inflows coming towards markets like India,” said Jitendra Panda, managing director at Kolkata-based Peerless Securities Ltd.
The Numbers
- Eleven of the 19 sector sub-indexes compiled by BSE Ltd. declined, paced by a gauge of metal companies
- Tata Motors was the worst performer on the benchmark gauge
- Wipro Ltd. dropped 4.6% after 0.4% of shares traded in a single block deal
- Advanced Enzyme Technologies Ltd. surged 17% after 10 million shares traded in 2 blocks
Analyst Notes/Market-Related Stories
- A Key Source of Funding for India Inc. Founders Is Drying Up
- Indian Equity Funds Receive Net 51.26b Rupees in February: AMFI
- Graphite Electrode Prices in India May Fall Further: Macquarie
To contact the reporter on this story: Nupur Acharya in Mumbai at nacharya7@bloomberg.net
To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Margo Towie, Ashutosh Joshi
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