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India equity benchmarks capped a second week of gains, boosted by lenders as the central back announced surprise support to tackle the coronavirus situation, while the global metal rally pushed resources stocks to near-record levels.
The S&P BSE Sensex climbed 0.5% to 49,206.47, taking its weekly advance to 0.87%. The NSE Nifty 50 Index gained 0.67% to 14,823.15, ending the week up 1.3%. All but four of the 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of metal companies.
Stocks climbed this week after the Reserve Bank of India provided additional liquidity to banks for lending to vaccine makers, hospitals and providers of health services, as well as easing rules for small businesses to restructure loans.
Most stocks across Asia rose after positive U.S. economic data and better-than-expected growth in China’s exports. The S&P BSE Metal Index has risen about 70% this year, helped by global prices and the 10-constituent gauge is nearing its highest level since January 2008.
Bajaj Finance Ltd. and ICICI Bank Ltd. contributed most to Sensex’s growth over the past fortnight, while HCL Technologies Ltd. was the worst performer in that period.
India’s central bank sold a planned 320 billion rupees ($4.4 billion) of bonds at its weekly sale on Friday, with many traders expecting the monetary authority to buy off the stock later.
The Reserve Bank of India bought 100 billion rupees of the 6.64% 2035 bond at 6.5881% as against 6.58% estimated in a Bloomberg poll and purchased another 110 billion rupees of the 2026 bond at a 5.5442% yield. Earlier, the low underwriting fees had indicated that the auction will be well bid.
Dabur India reported net income for the fourth quarter that missed the average analyst estimate.
Read the full report here.
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India’s sovereign bonds are marginally lower ahead of a Rs 32,000-crore ($4.3 billion) sale Friday. The rupee rises in line with Asian peers.
SRF Ltd. fell as much as 9.3%, the most since March 2020, after its rating was cut at brokers including Motilal Oswal following its recent earnings.
The company’s specialty chemicals business may report slower growth on the back of high base created over the past three years, while its packaging segment is expected to see a contraction in margins, Motilal Oswal said in a note, lowering its rating to neutral from buy
Tata Motors will increase the prices of its passenger vehicles by an average of 1.8% depending on the variant and model, the company said in a statement.
Management pointed out near-term risks due to the pandemic like market closures, supply constraints and commodity cost volatility.Yes Securties Note
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What began as a second wave restricted to the state of Maharashtra has quickly engulfed the rest of India, resulting in localized lockdowns, ANZ says in note. These restrictions are impacting mobility more than economic activity
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