Market chat: Sensex advances for a third day
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Indian stocks advanced for a third day, with the benchmark gauge set for a weekly gain, as drug makers and software exporters rallied.
Lupin Ltd and Sun Pharmaceutical Industries Ltd climbed more than 2% each. Infosys Ltd rallied to a record, while Wipro Ltd increased to a five-month high. Hindustan Unilever Ltd gained for a second day. NTPC Ltd rose for a third day.
The S&P BSE Sensex was up 0.38%, or 99.44 points to 26,254.27 at 11:48am, taking this week’s increase to 1.9%. Reserve Bank of India (RBI) cut its benchmark interest rate on Tuesday by more than economists’ forecast. That pared the Sensex’s quarterly loss to 5.9%, still the largest drop in almost four years, tracking a decline in emerging-market assets as investors weigh an impending rise in US borrowing costs and a slowdown in China’s economy.
International investors sold a net $168 million of Indian stocks on 29 September, paring this year’s inflow to $3.6 billion, still the largest among eight Asian markets tracked by Bloomberg.
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