Indian Stocks Gain for Fourth Day as Greek Default Concern Eases
India’s benchmark index advanced for a fourth day as easing concern over a possible debt default by Greece outweighed the finance minister’s comments on rising consumer and food prices.
Hindalco Industries Ltd. (HNDL), the aluminum maker which also controls the Atlanta-based Novelis Inc., surged 4 percent, as metal prices rose in London. Greek creditors may be headed toward a rollover accord involving 70 percent of their bonds to prevent a default, two people familiar with the plan said. “Inflation is an important constraint that we have to tackle,” India’s Finance Minister Pranab Mukherjee said in Washington yesterday. Housing Development Finance Corp. (HDFC), the largest mortgage-lender, climbed 2.1 percent.
The Bombay Stock Exchange Sensitive Index, or Sensex, rose 71.86, or 0.4 percent, to 18,484.27 according to preliminary closing prices as of 3:30 p.m. in Mumbai time, after swinging between gains and losses at least 12 times. The gauge gained 4.9 percent in the past three sessions. The S&P CNX Nifty Index on the National Stock Exchange of India Ltd. added 0.3 percent to 5,542.35. The BSE 200 Index gained 0.3 percent to 2,279.89.
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