Most Indian Stocks Climb as Industrials, Power Utilities Advance
Most Indian stocks gained, led by industrials and utilities.
Larsen & Toubro Ltd. (LT) rose for a second day as the nation’s top engineering company is said to be considering a Singapore listing for its toll-road projects that could raise about $700 million. Power generator NTPC Ltd. gained for a second day.
Two stocks rose for one that fell on the S&P BSE Sensex (SENSEX), which gained 0.1 percent to 19,933.40 at 9:47 a.m. in Mumbai, after changing direction at least six times. The 30-stock index has veered between a one-year low and a 34-month high the past four weeks. The gauge tumbled as the rupee weakened to a record low last month and rallied after central bank Governor Raghuram Rajan announced plans to boost the financial industry and shore up the rupee, and the Federal Reserve maintained stimulus.
Overseas funds sold a net $4.2 million of domestic shares on Sept. 23, data from the regulator showed yesterday. That cut this year’s net inflow to $13.4 billion, the second-highest among 10 Asian markets tracked by Bloomberg. They pulled $3.7 billion from local equities in the three months to Aug. 31 as capital fled emerging markets amid prospects of the Federal Reserve paring its record stimulus.
To contact the reporter on this story: Santanu Chakraborty in Mumbai at email@example.com