Indian Stocks Advance as Consumer Durable, Oil Refiners Gain

  • BSE conumer durable index climbed 9.7% in last six sessions
  • Indian Oil advances to a record; Titan Ltd rises 4.3%

Indian stocks rose, taking the benchmark gauge to a three-week high, as shares of consumer durable and oil refining companies advanced.

Among top 100 companies on BSE Ltd., Indian Oil Corp., the country’s biggest refiner, rose to a record while Titan Company Ltd. gained the most in nearly four months. Power Grid Corp. rose 2.4 percent and was the best performer on the S&P BSE Sensex, while mobile service provider Bharti Airtel Ltd. dropped to a two-week low.

IndexChange Size & Scope
BSE Sensex+0.2%Highest since Dec 13
BSE Oil & Gas+2%Highest closing since Jan. 2008
BSE Consumer Durable+3%Most gains since Mar 2016

The S&P BSE Consumer Durable Index has gained 9.7 percent in the last six sessions after declining 14 percent from Nov. 8, the day Prime Minister Narendra Modi banned high-value currency notes.

“Consumer durable as a sector was really hammered post the government’s demonetization announcement,” Sudip Bandyopadhyay, group chairman at Mumbai-based Inditrade Capital Ltd., said by phone. “It is oversold and is at an attractive valuation for investors to buy.”

Summary

  • Titan Co. +4.3 percent; Company’s fiscal year third-quarter trading update indicates brand strength and market share wins, Goldman Sachs Group Inc.’s analysts said in a note
  • Hindustan Petroleum +3.2 percent; Bharat Petroleum +2.4 percent; Oil climbs to an 18-month high in New York
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