BackSensex closes 145 points up at 28,129.84 as banks lead advance
BSE Sensex closed higher by 145.47 points, or 0.52%, to 28,129.84 while the Nifty rose 40.30 points, or 0.47%, to 8,699.40
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Mumbai: Indian stocks advanced to a two-week high as the nation’s lenders rallied with consumer companies amid gains in regional equities.
The S&P BSE Bankex Index of 10 lenders climbed to a one-month high. The gauge is headed for its best week since July after the Essar Group’s $13 billion deal with a group involving Russia’s Rosneft PJSC improved prospects for loan recoveries at local banks.
Asian stocks rose for a third day with US equity index futures and the Mexican peso in a signal that investors believe Hillary Clinton held on to her advantage over Donald Trump in the final presidential debate. Domestic investors are watching the quarterly earnings season for signs of whether growth in profits can justify above-average valuations.
“The US elections and the Indian corporate earnings season will decide the course of the markets in the short term," R. K. Gupta, managing director at Taurus Asset Management Co., which has $480 million in assets, said by phone from New Delhi. “Until then our daily movements will be dictated by how global equities behave."
Infosys Ltd. and Tata Consultancy Services Ltd., the top software exporters, last week posted disappointing earnings outlook. Reliance Industries Ltd., owner of the world’s largest refining complex, is due to announce results after close of trading on Thursday.
The Sensex trades at 16.5 times projected 12-month earnings, compared with a five-year average of 14.5 times. The MSCI Emerging Markets Index is valued at a multiple of 12.6. Bloomberg
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