Indian Shares Rally to Record Amid Gains in Larsen, Reliance
(Bloomberg) -- India's benchmark Sensex and the NSE Nifty 50 Index closed at all-time highs, after capping their best quarter since 2014, boosted by gains in Reliance Industries Ltd. and Larsen & Toubro Ltd.
The Sensex advanced 1 percent at the close in Mumbai, while the Nifty rose 0.7 percent. Reliance rallied 4.1 percent to its highest closing price since January 2008 after converting more than 72 million of its free mobile-phone service subscribers to paying users. Markets will be shut Tuesday for a public holiday.
Larsen rose 5.5 percent to close at its highest price since August 2015. The company will see additional benefits from “macro tailwinds of industrial capex announcements” in the financial year through March 2018, Jefferies India Pvt. said in an investor note on Monday. The broker increased the 12-month price estimate to 2,000 rupees from 1,750 and kept its buy rating on the stock.
“Strong inflows from mutual funds are providing support to the market and have the potential to take it to a further high,” Anil Ahuja, chief executive at Singapore-based IPEplus Advisors, said by phone. Investors will also focus on earnings for the financial year that runs through March 2018 for guidance, he said.
Indian funds have been net buyers of local stocks for seven straight months through February, which included a record 138 billion rupees ($2.1 billion) purchase in November, according to data compiled by Bloomberg.
Eleven of the 13 sector gauges compiled by BSE Ltd. rallied, led by the S&P BSE Capital Goods Index's 3.5 percent gain.
Summary
- Dr. Reddy's (DRRD) +4.3% as ET Now reported earlier Monday that U.S. FDA has no major observations yet for company's Srikakulam plant; inspection may end Tuesday
- Unitech (UT) -8.9% as PTI reported on April 1 that its managing directors were arrested; steepest on S&P BSE 500 Index
- Indoco Remedies (INDR) -8.2% to lowest since Aug. 2014; Goa plant gets FDA warnings
- United Spirits (UNSP) -5.9%; click here for street wrap: Sales Ban to Delay United Spirits Profitability
- Wockhardt (WPL) +6.5%; highest close since Nov. 11; gets U.S. FDA approval for late stage trial of antibiotic
To contact the reporter on this story: Ameya Karve in Mumbai at akarve@bloomberg.net.
To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Teo Chian Wei, Namitha Jagadeesh
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
