Sensex Index Posts Longest String of Losses Since India’s Budget
(Bloomberg) -- India’s stock benchmark fell for a third straight day, as investors mulled the outlook for risky assets in an economy set for its weakest expansion in 11 years.
The S&P BSE Sensex Index fell 0.5% to close at 41,055.69 in Mumbai after rising as much as 0.4%. This was the gauge’s longest losing streak since the government budget announcement on Feb. 1 failed to excite investors. The NSE Nifty 50 Index was down 0.6%.
India’s central bank this week starts long-term repo operations to inject $14 billion into the financial system as part of measures aimed at lowering corporate borrowing costs.
Slow domestic growth will be an “overhang” on markets, said Abhimanyu Sofat, head of research at IIFL Securities Ltd. “It will require central bankers to stimulate the economy.”
- Sixteen of the 19 sector indexes compiled by BSE Ltd. fell, led by a gauge of oil and gas stocks
- Oil & Natural Gas Corp. dropped the most among Sensex stocks, falling 3.2% after reporting quarterly profit slid by half. Titan Co. gained the most, rising 1.9%
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