Sensex Index Posts Longest String of Losses Since India’s Budget
Sensex Index Swings as India Investors Mull Outlook for Stocks
(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.
Strategist View
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.”
The Numbers
- 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%
Market-related stories
- After Fed and ECB, India May Turn Next to BOE for Inspiration
- Pushed to Brink, What Next? Vodafone Idea’s Options Dwindle
- India’s Plan To Merge State Banks May Be Delayed, Standard Says
- Indian Banks Lured by 14-Year Low Borrowing Costs Binge on Bonds
- Drugs to Electronics Output in India Hit by China Shutdowns (1)
- Edelweiss Plunges After Loan Impairments Drag Profit Down
To contact the reporter on this story: Ishika Mookerjee in Singapore at imookerjee@bloomberg.net
To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Tom Lavell
©2020 Bloomberg L.P.