India's Sensex Caps Fifth Weekly Gain, Paced by Consumer Stocks

(Bloomberg) -- Indian shares rose, paced by a rally in consumer-goods companies, as the benchmark index capped a fifth straight week of advances, its longest run in five months.

The S&P BSE Sensex gained 0.3 percent to 32,325.41 at the 3:30 p.m. close in Mumbai, while the NSE Nifty 50 Index climbed 0.5 percent to 10,066.40. The Nifty first closed above 10,000 on July 26 and has since held that level.

“The markets are overvalued and something from the left field will happen to bring them down,” said Andrew Holland, chief executive officer at Avendus Capital Ltd. in Mumbai. “We are waiting for the bubble to burst and the markets will be range-bound till then.”

Seventeen of the 19 sector gauges compiled by BSE Ltd. advanced, led by the S&P BSE Consumer Durables Index's 4.2 percent gain to a record. The S&P BSE Healthcare Index dropped 0.9 percent, the worst performer.

India's key gauges are the best performers this year among the major Asian markets after the Hang Seng Index. They haven't dropped more than 1.13 percent any day in 2017.

Summary

• Biocon falls 4.8%; steepest on S&P BSE 200 Index as U.S. FDA issues Form 483 with 10 observations on Bengaluru plant
• Ceat tumbles 8.6%, most since August 2015; 1Q net income misses ests.
• Titan jumps 9.5% to close at a record for third day; PT raised at CLSA, HSBC
• Dr. Reddy's Laboratories drops 3.6%, Sun Pharmaceutical Industries declines 1.8%, being steepest declines on Sensex after Teva Pharmaceutical Industries slashed its profit forecast for 2nd time this year
• NOTE: India Drugmakers Fall as Teva Warns It May Breach Debt Covenants

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, Margo Towie, Todd White