Indian Stocks Gain for Fourth Day as Software, Industrials Rise
Indian stocks rose, led by software makers and industrials, as the benchmark index headed for its highest close in three weeks.
Infosys Ltd. (INFO) climbed for a fourth day, sending a gauge of technology companies to a three-week high. Bharat Heavy Electricals Ltd. (BHEL), India’s biggest power-equipment maker, rose for a second day. Drugmaker Ranbaxy Laboratories Ltd. (RBXY) rallied to a four-week high after agreeing to settle with Teva Pharmaceuticals USA Inc.
The S&P BSE Sensex (SENSEX) increased 0.2 percent to 20,676.19 at 9:44 a.m. in Mumbai. The gauge has climbed every day this week amid optimism the government’s pledge to narrow the fiscal gap to the lowest in seven years and proposed cuts to excise and import duty will help revive an economy growing at the slowest pace in a decade.
Overseas investors bought a net $82.9 million of domestic shares on Feb. 17, the most since Jan. 16, data compiled by Bloomberg show. That pared the year’s outflow to $238 million.
The Sensex has retreated 2.4 percent this year and trades at 13.4 times projected 12-month earnings, compared with the average multiple of 14.4 over the past five years. The MSCI Emerging Markets Index is valued at 9.3 times.
To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at firstname.lastname@example.org