India’s benchmark stock gauge climbed, set for a fourth straight record-high close, as investors shrugged off economic worries ahead of the holiday season. The S&P BSE Sensex Index gained 0.2% to 41,741.93 as of 10 a.m. in Mumbai, on track to clocking its best weekly advance in seven. The NSE Nifty 50 Index rose by the same magnitude. Elsewhere in Asia, stocks were mixed in a subdued Friday session following further record highs on Wall Street.
Foreign investors have pumped $13.8 billion into India’s stocks this year, the biggest inflows since 2014 and driving most of the Sensex’s 16% gain, even as economic growth lingers at a six-year low.
Ahead of the holidays, “there will be thin volumes, so there’s no point in committing fresh capital” given the big run-up, said Prakash Pandey, chief executive officer at Plutus Advisors & Consulting Pvt. in New Delhi.
- All but one of 19 sector indexes compiled by BSE Ltd. gained, led by a gauge of companies in the consumer-durables sector.
- Yes Bank Ltd. climbed 2.6%, the most on the Sensex, while ICICI Bank Ltd. was the biggest boost.
- Vedanta Ltd. fell the most, down 0.8%, while Housing Development Finance Corp. was the biggest drag.
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Source: Financial Express