India Stocks Advance After Faltering at a Technical Barrier
(Bloomberg) -- Stocks gained on India’s key indexes, with the benchmark gauge again testing a technical hurdle that it fell back from on Tuesday.
The S&P BSE Sensex climbed 0.9% to 34,247.05 as of 3:37 p.m. in Mumbai, while the NSE Nifty 50 Index gained 0.7%. Both measures have climbed more than 30% from their lows in March to levels last seen before the coronavirus-related lockdown was imposed.
“We are in a period where it’s best to do more opportunistic, short-term trades until there’s more clarity in the coming months,” said Deepak Jasani, head of retail research at HDFC Securities Ltd. in Mumbai.
The Sensex on Tuesday failed to climb above its 100-day moving average, seen as a key threshold for gauging whether a rally fueled by optimism over India’s economic re-opening can last. The nation’s stocks are still trading 18% below this year’s January peak.
Eleven out of 34 Nifty 50 companies that have reported quarterly results so far have beaten or matched analyst estimates.
The yield on the most traded 6.45% 2029 bond was little changed at 5.99%, while the rupee rose 0.2% to 75.4750 against the U.S. dollar.
- Thirteen of 19 sector sub-indexes compiled by BSE Ltd. gained, led by a gauge of banks
- Fifteen shares rose while 15 fell
- Reliance Industries Ltd. contributed most to the index advance, rising 2.3% while IndusInd Bank Ltd. was the biggest winner with a 7.9% jump; Hero Motocorp Ltd. was the biggest drag on the index and sank the most with a 3.9% fall
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