Mumbai: Indian equities extended gains, with key indexes headed for their steepest monthly advance in three years.
The benchmark S&P BSE Sensex Index advanced 0.1 percent to 38,602.13 as of 9:53 a.m. in Mumbai, set for its longest stretch of weekly gains since August and best quarter since the end of June. The NSE Nifty 50 Index also added 0.1 percent today.
Local stocks have seen a surge in foreign inflows — more than $6.5 billion so far this year, among the highest in Asia outside China — on bets of revival in company earnings and on the prospect of the current government being returned to power after a national election for which votes are counted on May 23.
Strategist View
“While the liquidity and events are boosting the market, the upcoming earnings will decide investor judgment on valuations,” said Sanjay Sinha, founder of Citrus Advisors in Mumbai.
The Numbers
Eighteen of the 19 sector indexes compiled by BSE Ltd. gained, led by a gauge of telecom stocks. Twenty-two of the 31 Sensex members and 33 of the 50 Nifty stocks advanced. State-owned refiner Hindustan Petroleum Corp.’s 3.7 percent gain was the steepest among Nifty members. SBI Life Insurance Co. dropped 4.9 percent, the most in six months, after 3.8 percent equity changed hands in blocks. BNP Paribas sought $250 million through a sale of 30 million shares in the company, according to terms obtained by Bloomberg yesterday. Vodafone Idea Ltd. jumped 11 percent, the most since November. The shares are trading without the option of a rights offer that planned to raise 250 billion rupees.
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