India’s Sensex Completes Longest Run of Weekly Gains Since 2009
(Bloomberg) -- India's stocks rose, with the benchmark index completing its longest stretch of weekly increases since 2009 as coronavirus-vaccine optimism and expectations of more U.S. stimulus buoyed sentiment.
The S&P BSE Sensex advanced 1.9% since Monday, completing a 10th consecutive week of gains. It climbed 1.4% to 48,782.51 in Mumbai on Friday, while the NSE Nifty 50 Index climbed 1.5%. Both gauges closed at record highs.
Indian stocks have followed share increases across Asia as vaccination programs aimed at stemming the pandemic begin and the formal endorsement of a new U.S. president and the Democrats winning control of the Senate fueled prospects of more economic stimulus. Locally, the quarterly earnings season begins Friday with Asia's largest software exporter Tata Consultancy Services Ltd. due to report results.
“Liquidity is driving the market and new retail investors continue to join forces,” said Chokkalingam G, chief investment officer at Equinomics Research & Advisory Ltd. in Mumbai. “Investors have factored in good earnings and positives from the vaccine.”
The rupee strengthened 0.1% to 73.2450 per U.S. dollar, while the yield on 10-year government bonds climbed two basis points to 5.88%.
The Numbers
- All but two of 19 sector indexes compiled by BSE Ltd. rose, led by a gauge of software exporters
- Infosys Ltd. contributed the most to the Sensex advance, increasing 4%, while Maruti Suzuki India Ltd. had the largest gain, rising 5.9%
Market-related stories
- Indian Software Firms Seen Raising Guidance on Strong Outlook
- India's GDP Set to Drop 7.7%, Biggest Contraction Since 1952
- India Stock Funds See Sixth Month of Outflows in December: AMFI
©2021 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
