India’s Stocks Rise as Risk Appetite Drives Broader Market Gains

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© Reuters. India’s Stocks Rise as Risk Appetite Drives Broader Market Gains© Reuters. India’s Stocks Rise as Risk Appetite Drives Broader Market Gains

(Bloomberg) — Indian stocks rose for a second day as a general appetite for risk, seen across Asia, helped drive gains in equities.

The S&P advanced 0.9% to 41,587.61, close to a three-week high, as of 9:48 a.m. in Mumbai. The NSE Nifty 50 Index climbed 0.8%. The S&P BSE Midcap Index, comprising 101 companies, gained 0.5%.; the gauge of mid-sized firms has risen in seven of the last eight sessions.

Earnings season for local companies will end this week. Of the 45 Nifty companies that have announced results so far, 19 have either met or exceeded expectations while four were incomparable. Aluminum producer Hindalco Industries Ltd is scheduled to announce results later today.

Strategist View

  • “Midcap stocks, for the last couple of months, are witnessing a catch up with fresh funds gradually coming into quality mid-sized companies,” said Umesh Mehta, head of research at Mumbai-based Samco Securities Ltd. “As we come to the end of the fiscal year, we expect post-budget euphoria to settle as uncertainty about the spread of coronavirus is likely to keep investor activity muted.”

The Numbers

  • All except one of 19 sector indexes compiled by BSE Ltd. rose, led by a gauge of metal companies.
    • S&P BSE Metal Index added 1.4%, extending its 0.9% advance on Tuesday
  • Hindustan Unilever (LON:) Ltd. contributed the most to the Sensex gain and rose the most, adding 4.1%.

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