Indian Stocks Volatile Ahead of Vaccine Rollout, Earnings
India stocks fluctuated as investors awaited vaccine deployment in the world’s second-largest coronavirus hotspot and ahead of the quarterly earnings season that begins Friday.
The S&P BSE Sensex was little changed at 48,470.99 as of 9:51 a.m. in Mumbai, while the NSE Nifty 50 Index was also flat. Both measures, which swung through gains and losses several times, closed at record highs yesterday.
Asia’s largest software exporterTata Consultancy Services Ltd. is scheduled to announce results on Friday. India has granted emergency approvals for two vaccines ahead of inking pricing deals.
“Most earnings are expected to be in line with expectations, and that is getting factored into share prices now,” said Umesh Mehta, head of research at Mumbai-based Samco Securities Ltd. “A rollout of the vaccination plan will be a positive for normalizing business activity in the economy.”
The main indexes will remain volatile, but steady buying by foreign investors will help see gains for the week, he said.
Foreign investors poured net $23.4 billion into local stocks last year, the most since 2012, and added $539.4 million in the first two trading sessions this year.
The rupee was steady at 73.17 per U.S. dollar, while the yield on 10-year government bonds rose one basis point to 5.84%.
The Numbers
- Thirteen of 19 sector indexes compiled by BSE Ltd. rose, led by a gauge of consumer durable companies
- Reliance Industries Ltd. was the biggest drag on the Sensex, decreasing 0.8%, whileICICI Bank Ltd. gave the biggest boost and added 1.5%
Market-related stories
- Tata Group Set Up Strategy Team for Aviation Business: Mint
- Oil Stocks Jump With Commodity on Saudi Pledge to Cut Output
- Delays Over Pricing Holds Back India’s Vital Vaccine Rollout
Source: Read Full Article