India’s Sensex Rises to Two-Month High as Oil, Metal Makers Gain

  • BSE Oil & Gas Index rises to highest level since 2008
  • JSW Steel Ltd rises 7.7 percent as top performer in metals

Indian stocks rose, pushing the benchmark gauge to an eight-week high, as shares of oil refiners and metal makers advanced.

Tata Steel Ltd. climbed to a three-week high and Oil & Natural Gas Corp Ltd. rose as much as 2.8 percent, the most in over ten weeks. Adani Ports & Special Economic Zone Ltd. climbed 4.6% percent as the top performer on S&P BSE Sensex. Tata Consultancy Services Ltd. dropped the most in seven weeks and was the worst performer on the gauge.

IndexChange Size & Scope
BSE Sensex+0.9%Highest in two months
BSE Oil & Gas+1.8%Highest since Jan 2008
BSE Metals+3%Most gains in two months

“The demand-supply balance of oil and commodity sector has now tilted toward the suppliers, thanks to the conscious cuts in supplies that has helped prices to rise,” Amit Nigam, head of equities at Peerless Mutual Fund in Mumbai, said by phone. “Market is also building on expectations that Donald Trump’s back-to-basics policy could result in fiscal stimulus and a demand for these commodities.”

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