Indian Stocks Rise to Record as Automakers Post Higher Sales
(Bloomberg) -- India's equity benchmark rose to a fresh record as shares in automakers advanced.
The S&P BSE Sensex rose 0.4 percent to 31,273.29 at the close in Mumbai. The NSE Nifty 50 also closed at an all-time high. Hero MotoCorp Ltd. and TVS Motor Co. gained after each posted an increase in sales for the month of May. The S&P BSE India Realty Index and the S&P BSE Healthcare Index led 10 of the 13 sector gauges higher. Bharti Airtel Ltd. gained 1.7 percent after winning regulatory approvals to move ahead with the acquisition of Telenor ASA's local unit.
India's stock market, the world's 10th largest, has broken multiple records this year, drawing in more money from both local and foreign investors. More than half the companies in the Nifty reported earnings this season that beat or matched estimates.
“The Indian market continues to do well,” Citigroup Inc. analysts Surendra Goyal and Vijit Jain said in a note to clients. Citi's “India sentiment indicator still remains elevated.”
The analysts expect the Sensex to reach 32,200 by March 31, up from an earlier estimate of 31,500. The target implies an increase of 3 percent from Friday's close.
Summary:
- Adani Power gains after saying it will consider Mundra Power Gen sale
- GMR Infra rises after reporting pre-tax profit for FY17 vs loss
- Cadila rises as Zydus' Moraiya gets first product nod post-audit
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, Vivek Shankar, Namitha Jagadeesh
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