(Bloomberg) — India’s benchmark index advanced, set for a second consecutive record-high close, as the earnings season continued to woo investors.
The S&P Index gained 0.2% to 40,562.12 as of 9:58 a.m. in Mumbai, rising for a ninth day in 10. The NSE Nifty 50 Index also advanced 0.2%. The Sensex index’s 50-day moving average last week crossed above its 200-day line to form a so-called golden cross, which some analysts read as a sign that gains may continue.
Foreign investors have bought stocks worth $323 million in November, after pumping in more than $2 billion in the previous month. Twenty-one out of 34 Nifty 50 firms that have reported quarterly earnings so far this season have beaten or matched the average analyst estimate. Two companies didn’t have enough projections, while one was incomparable.
“Most of the Nifty 50 companies’ results were better than or matching expectations, which has also increased optimism in the investor community, thus minimizing downside for the market,” Shrikant Chouhan, analyst for technical research at Kotak Securities Ltd., wrote in a note on Wednesday.
“Momentum is building on the upside with wide participation, which is a good sign,” Manav Chopra, head of equity research at Indiabulls Ventures Ltd. wrote in a note on Wednesday. “Traders should look at dips as buying opportunities.”
- Fourteen of 19 sector sub-indexes compiled by BSE Ltd. advanced, led by a gauge of real estate companies after the government announced a 250 billion-rupee ($3.5 billion) fund to salvage stalled residential projects.
- IndusInd Bank Ltd. rose the most on the benchmark index, while Tata Steel Ltd. dropped after reporting its earnings.
- Toxic Air Adds to India’s Woes as Economy Goes From Bad to Worse
- Cheaper Hedges for Rupee Send Global Funds on Bond-Buying Spree
- Indian Firms’ Credit Quality at Record Low in Data to ’12: Chart
- Yes Bank Rating on Review for Cut at Moody’s on Stake Sale Risks
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.