(Bloomberg) -- India's stock benchmark rose, tracking an advance in global markets amid optimism about progress on fiscal stimulus talks in Washington.
The S&P BSE Sensex added 1.1% to 40,431.60 in Mumbai, while the NSE Nifty 50 Index gained 0.9%. Stocks in Europe advanced with U.S. futures after Speaker of the House Nancy Pelosi set a Tuesday deadline for more progress with the White House on a fiscal stimulus deal before the Nov. 3 election.
“We will be following the global cues from now till the U.S. elections unless a major local event happens,” said Sameer Kalra, a strategist at Mumbai-based Target Investing. “Locally, the expectations for the festive season's demand and earnings season is also helping the sentiment.”
India's earnings season has started on a positive note, with three of the five Nifty 50 firms that have reported results so far beating analyst estimates.
Signs are also emerging that the nation's economic recovery from the Covid-19 shock is gaining momentum. Last week, monthly exports data showed year-on-year growth for the first time in seven months and the government expanded its borrowing plan to help states cover tax-revenue shortfalls.
The rupee and the yield on 10-year government bonds were little changed.
The Numbers
- Twelve of 19 sector indexes compiled by BSE Ltd. advanced, led by a gauge of bank stocks.
- ICICI Bank Ltd. contributed the most to the index gain and had the largest move, increasing 5.3%
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