India’s Sensex Rebounds From Seven-Day Loss; Retailers Advance
Indian (SENSEX) stocks advanced, with the benchmark index halting a seven-day losing streak. Retailers’ shares climbed after the government eased requirements for overseas companies to invest in local supermarkets.
Future Retail Ltd. (FRL) headed for the biggest gain in three months. Tata Consultancy Services Ltd. (TCS), the biggest software exporter, climbed to a record, leading a gauge of 10 technology stocks to the highest since March 2000. Financial Technologies (India) Ltd. sank 30 percent after a 65 percent drop yesterday. Its unit National Spot Exchange Ltd. July 31 suspended trading in some contracts after the government asked the bourse not to start new obligations until further notice. Multi Commodity Exchange of India Ltd., 26 percent owned by Financial Technologies, plunged by the 20 percent limit for a second day.
The S&P BSE Sensex rose 0.1 percent to 19,322.54 at 10:20 a.m. in Mumbai. The government eased requirements for global retailers such as Wal-Mart Stores Inc. (WMT) and Tesco Plc (TSCO) to stem a widening current-account gap that sent the rupee to a record low last month. The cabinet also approved proposals yesterday to amend overseas investment rules for a range of businesses including commodity exchanges.
The MSCI Asia Pacific Index climbed today after reports showed that factory output from the U.S. to China and Europe expanded in July, while U.S. jobless claims fell to a five-year low. The data came after the Federal Reserve retained its $85 billion-a-month bond-buying program and as European Central Bank President Mario Draghi said interest rates will probably remain low for an extended period.
To contact the reporter on this story: Santanu Chakraborty in Mumbai at email@example.com
To contact the editor responsible for this story: Michael Patterson at firstname.lastname@example.org