(Bloomberg) -- Indian stocks advanced for a sixth straight day, following Asian peers higher after an additional coronavirus vaccine won U.K. approval and amid reports that India is planning a spending boost to counter the pandemic's economic fallout.
The S&P BSE Sensex Index advanced 0.3% to 47,746.22 in Mumbai after falling as much as 0.3% earlier in the day. The NSE Nifty 50 Index added 0.4%. Both indexes closed at record highs, for the fourth and third consecutive sessions respectively.
Earlier, U.K. authorities cleared the University of Oxford and AstraZeneca Plc's coronavirus vaccine, which is expected to support emerging economies' efforts to fight the pandemic. Stocks have also been buoyed by foreign investors, who have poured nearly $23 billion into the market this year, the most since 2012.
Even though valuations are getting high, “the uptrend in the market should continue next year,” said Sanjeev Hota, head of research at Sharekhan Ltd. in Mumbai. “The earnings recovery cycle will start next year and there are some tailwinds from the macro side.”
The yield on the benchmark 10-year government bond fell by two basis points to 5.87%, while the rupee strengthened 0.2% to 73.3050 against the dollar, its strongest level since mid-October.
The Numbers
- 14 of 19 sector sub-indexes compiled by BSE Ltd. gained, with a gauge of materials companies rising the most
- 19 stocks in the Sensex index rose while 11 fell
- Bajaj Finance Ltd. contributed most to the index's advance and jumped 2.6%, while Ultratech Cement Ltd. saw the steepest rise, advancing 4.1%
Related Stories
- India Said to Plan Spending Boost to Counter Covid Impact
- Traders See Liquidity Tightening in India to Drive Bond Playbook
- Rupee Strongest Since Oct. on Stock, Bond Inflows: Inside India
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