(Bloomberg) -- Indian stocks rose, pushing the benchmark gauge to an eight-week high, as shares of oil refiners and metal makers advanced.
Tata Steel Ltd. climbed to a three-week high and Oil & Natural Gas Corp Ltd. rose as much as 2.8 percent, the most in over ten weeks. Adani Ports & Special Economic Zone Ltd. climbed 4.6% percent as the top performer on S&P BSE Sensex. Tata Consultancy Services Ltd. dropped the most in seven weeks and was the worst performer on the gauge.
| Index | Change | Size & Scope |
|---|---|---|
| BSE Sensex | +0.9% | Highest in two months |
| BSE Oil & Gas | +1.8% | Highest since Jan 2008 |
| BSE Metals | +3% | Most gains in two months |
“The demand-supply balance of oil and commodity sector has now tilted toward the suppliers, thanks to the conscious cuts in supplies that has helped prices to rise,” Amit Nigam, head of equities at Peerless Mutual Fund in Mumbai, said by phone. “Market is also building on expectations that Donald Trump's back-to-basics policy could result in fiscal stimulus and a demand for these commodities.”
Summary
- IRB Infrastructure Developers Ltd. +3.5%; company reported 3% growth in daily average toll collection in Dec.
- JSW Steel Ltd +7.7%, Jindal Steel & Power Ltd. +6% top performer on metal index
- Local search engine Just Dial Ltd. +14.7%; company to seek shareholder approval for demerger proposal with unit
- Petron Engineering Construction Ltd. +4.7%; company has won 300m rupee contract from Shree Cement
To contact the reporter on this story: Nupur Acharya in Mumbai at nacharya7@bloomberg.net. To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Ashutosh Joshi
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