India Stocks Extend Winning Streak; Energy Companies Advance
(Bloomberg) -- India stocks rose as investors focused on local events amid easing cross-border tensions.
The S&P BSE Sensex climbed for a third session, rising 0.5 percent to 36,636.10 in Mumbai. Stocks rallied on Tuesday, led by buying in mid- and small-sized companies. The NSE Nifty 50 Index advanced 0.6 percent on Wednesday.
Strategist View
- “The buying spree in mid- and small-cap companies is likely to continue as valuations continue to be extremely attractive,” said Chokkalingam G, managing director of Equinomics Research & Advisory Pvt. in Mumbai.
The Numbers
- All but one of 19 sector indexes compiled by BSE Ltd. gained, led by a gauge of energy companies.
- Reliance Industries Ltd. gave the biggest boost to the benchmark gauge.
- Edelweiss Financial Services Ltd. climbed 6 percent after Canadian fund CDPQ agreed to invest $250 million in its non-bank finance unit.
- Dewan Housing Finance Corp Ltd. surged 11.1 percent following a filing by an independent auditor on allegations made by news portal Cobrapost.
Analyst Notes/Market-Related Stories
- Kotak Asset Picks Battered Midcaps to Ride India Election Season
- It Takes More Than Trump Saber-Rattling to Dent Emerging Markets
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, Margo Towie, Kurt Schussler
©2019 Bloomberg L.P.
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