Indian Stocks Advance as Consumer Durable, Oil Refiners Gainby
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.
|Index||Change||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.”