Indian Stocks End Biggest Losing Run in 15 Months; ONGC Rallies
Indian stocks climbed for the first time in nine days as some investors judged the longest stretch of declines in 15 months as excessive.
The BSE India Sensitive Index, or Sensex, rose 0.5 percent to 19,565.91, according to preliminary closing prices. Oil & Natural Gas Corp., India’s biggest energy explorer, ended a seven-day drop after third-quarter profit beat estimates. Sun Pharmaceutical Industries Ltd., the nation’s most valuable drugmaker, and Bharti Airtel Ltd., the country’s largest cell- phone operator, climbed 2 percent each.
The Sensex slid for eight straight days through yesterday, the longest losing stretch since November 2011, as a government economic expansion forecast disappointed investors and earnings from some of the nation’s biggest companies trailed estimates. The gauge’s 14-day relative strength index, a measure of how rapidly prices rose or fell in the period, was at 37 yesterday. A reading of below 30 is a signal to buy for some investors.
Overseas funds bought $285 million of Indian equities on Feb. 8, extending this year’s purchases to a net $7.42 billion, data compiled by Bloomberg show. They bought $24.5 billion of stock last year, the most among 10 Asian markets tracked by Bloomberg, excluding China.
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