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India Stocks Set for Longest Stretch of Gains Since Mid-November

(Bloomberg) — Indian stocks rose, in line with peers in Asia, as investors remained optimistic about a U.S. stimulus deal and steady foreign inflows continued.



a sign above a store: An elevator travels next to electronic boards displaying stock figures at the National Stock Exchange of India Ltd. (NSE) building in Mumbai, India, on Friday, Dec. 16, 2016. The NSE plans to file a draft prospectus this month for an initial public offering of about 100 billion rupees ($1.5 billion), pushing ahead with the nation's biggest listing in more than six years after its top executive resigned, people with knowledge of the matter said.


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An elevator travels next to electronic boards displaying stock figures at the National Stock Exchange of India Ltd. (NSE) building in Mumbai, India, on Friday, Dec. 16, 2016. The NSE plans to file a draft prospectus this month for an initial public offering of about 100 billion rupees ($1.5 billion), pushing ahead with the nation’s biggest listing in more than six years after its top executive resigned, people with knowledge of the matter said.

The S&P BSE Sensex advanced 0.6% to 45,881.19 as of 10:07 a.m. in Mumbai, while the NSE Nifty 50 Index climbed by a similar magnitude. The Sensex is headed for its fifth consecutive gain, its longest win streak since mid-November, and set for a new high.

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Shares climbed across the region as investors remained hopeful a U.S. stimulus deal will be struck before the year-end holidays. Foreign net equity purchases of nearly $18 billion so far this year as of December 7 are already the most since 2013 as funds pour in, chasing returns. The relative strength index on both the Sensex and Nifty is over 70, a level that some traders read as overbought.

“The exuberance is likely to continue since the market remains flush with liquidity,” said Kranthi Bathini, a strategist at Mumbai-based WealthMills Securities Ltd. “The vaccine rollout and a possible U.S. stimulus deal are driving positive sentiment across the world.”

The rupee was little changed at 73.5437 per U.S. dollar, while the yield on 10-year government bonds was steady at 5.94%.

The Numbers

All but one of 19 sector indexes compiled by BSE Ltd. rose, led by a gauge of software exportersReliance Industries Ltd. contributed the most to the Sensex advance, increasing 0.9%, while ITC Ltd. had the largest gain, rising 2%

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