Most Indian stocks advanced for the first time in five days, led by automobile shares.
The BSE India Sensitive Index, or Sensex, rose 0.1 percent to 19,372.26 at 10:10 a.m. in Mumbai. Nineteen of the 30 stocks on the gauge gained. Tata Motors Ltd. surged to a seven-month high after its Jaguar Land Rover unit said November sales jumped 14 percent from a year ago. ICICI Bank Ltd., the third-biggest lender, climbed the most in a week.
Stocks declined yesterday as data showing consumer-price inflation accelerated last month raised concern the central bank may not cut interest rates at a policy review next week. The government is due to release the benchmark wholesale-price index for November tomorrow.
Tata Motors increased 2.7 percent to 284 rupees. Hero Motocorp Ltd., the largest two-wheeler manufacturer, added 0.6 percent to 1,902 rupees. Maruti Suzuki India Ltd., India’s biggest carmaker, increased 0.5 percent to 1,483.5 rupees
Bajaj Auto Ltd., the third-biggest, rose 1.2 percent to 2083 rupees. .
The MSCI Asia Pacific Index gained 0.4 percent today after the U.S. Federal Reserve said yesterday it will buy $45 billion of Treasuries per month starting in January, matching forecasts for monetary stimulus in a Bloomberg News economist survey. The Standard & Poor’s 500 Index added less than 0.1 percent.
Overseas funds were net buyers of local stocks for a 19th straight day on Dec. 11, taking their net purchases in 2012 to $21.4 billion, the most among 10 Asian markets tracked by Bloomberg, excluding China, data compiled by Bloomberg show.