(Bloomberg) -- The surge in India's S&P BSE Sensex Index to a six-week high has pushed it above its 50-, 100- and 200-day moving averages for the first time since the week following the federal budget of Feb. 1. The move may support the market, which is little changed this year, after months of volatile trading. “The index crossing its moving averages signals that markets are trying to stabilize and smart money is bottom-fishing for value opportunities,” said Jagannadham Thunuguntla, senior vice president and head of research for wealth at Centrum Broking Pvt. in Mumbai.
To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net.
To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Eric Lam, Cecile Vannucci
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