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India’s Sensex Rebounds After Three-Week Decline; Lenders Climb

Indian stocks rebounded after three weeks of declines. Lenders and energy companies climbed.

The BSE India Sensitive Index, or Sensex, rose 0.2 percent to 19,497.84, according to preliminary closing prices. Volumes on the gauge were 27 percent less than the 30-day average, data compiled by Bloomberg show. Housing Development Finance Corp., the biggest mortgage lender, rose to a one-month high. Reliance Industries Ltd., the owner of the world’s largest oil-refining complex and the second-largest stock on the Sensex, gained for the first time in three days.

Finance Minister Palaniappan Chidambaram, who unveils the annual budget on Feb. 28, has vowed spending cut curbs to avert a credit rating downgrade and damp inflation, part of a wider policy overhaul since September to revive an economy expanding at the weakest pace in a decade. The Sensex is down 3 percent from a two-year high on Jan. 25 even as foreign funds plowed a net $7.85 billion into local stocks this year, the most among the 10 Asian markets tracked by Bloomberg, excluding China.

To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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