(Bloomberg) -- Indian stocks rose, taking the benchmark gauge to a three-week high, as shares of consumer durable and oil refining companies advanced.
Among top 100 companies on BSE Ltd., Indian Oil Corp., the country's biggest refiner, rose to a record while Titan Company Ltd. gained the most in nearly four months. Power Grid Corp. rose 2.4 percent and was the best performer on the S&P BSE Sensex, while mobile service provider Bharti Airtel Ltd. dropped to a two-week low.
| Index | Change | Size & Scope |
|---|---|---|
| BSE Sensex | +0.2% | Highest since Dec 13 |
| BSE Oil & Gas | +2% | Highest closing since Jan. 2008 |
| BSE Consumer Durable | +3% | Most gains since Mar 2016 |
The S&P BSE Consumer Durable Index has gained 9.7 percent in the last six sessions after declining 14 percent from Nov. 8, the day Prime Minister Narendra Modi banned high-value currency notes.
“Consumer durable as a sector was really hammered post the government's demonetization announcement,” Sudip Bandyopadhyay, group chairman at Mumbai-based Inditrade Capital Ltd., said by phone. “It is oversold and is at an attractive valuation for investors to buy.”
Summary
- Titan Co. +4.3 percent; Company's fiscal year third-quarter trading update indicates brand strength and market share wins, Goldman Sachs Group Inc.'s analysts said in a note
- Hindustan Petroleum +3.2 percent; Bharat Petroleum +2.4 percent; Oil climbs to an 18-month high in New York
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, Arijit Ghosh
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