India Stocks Little Changed Close to Highest Level in Six Months
India’s stocks were little changed for a second day after reaching a six-month high on Monday.
The S&P BSE Sensex was little changed at 38,851.74 as of 9:52 a.m. in Mumbai, while the NSE Nifty 50 Index was also flat. Both measures may be volatile ahead of the expiry of futures and options contracts tomorrow.
India’s equity benchmark Sensex index has rebounded to within about 7% of its January record after a coronavirus-triggered plunge in March. Inflows from foreign institutions and buying by individual domestic investors have boosted stocks at a time that local funds are trimming holdings.
“Futures and options expiry tomorrow could lead to some turbulence, but the silver lining is strong buying from foreign investors,” said Anita Gandhi, an investment advisor at Arihant Capital Markets Ltd. in Mumbai. “The flows are essential when domestic institutions are taking profit; it helps to balance the market.”
- Fourteen of 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of automakers.
- ICICI Bank Ltd. contributed most to the Sensex advance with a 1.2% gain, while Bajaj Auto Ltd. gained the most, jumping 4%.
- Bharti Airtel Ltd.’s 1.8% fall was the steepest, while Reliance Industries Ltd. was the biggest drag, dropping 1.1%.
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