Indian Stocks Hold Steady as Gain in Oil Shares Offsets PropertyBy
Reliance Industries leads gives biggest boost to gauge
Oil & Gas index at one-week high; 9 out of 13 sub-indexes fall
India’s equity benchmark was little changed as an advance by energy stocks was capped by declines in health-care and property shares.
The S&P BSE Sensex gave up a 0.4 percent increase to end the day down less than 0.1 percent to 31,209.79 in Mumbai. Reliance Industries Ltd. led gainers with a 3 percent advance and provided the biggest boost to the gauge. ITC Ltd. fell 1.5 percent from its record close on Monday, and was the biggest drag on the measure.
The S&P BSE Oil & Gas Index led advances among the 13 sub-indexes compiled by BSE Ltd. while nine subgroups fell. The energy gauge rose to a one-week high even as crude oil prices fell Tuesday. The index had dropped 8.6 percent over the previous two months, tracking a 7.4 percent decline in crude.
“Energy stocks have been beaten down and had been undervalued for sometime now,” said Harsh Dole, Mumbai-based analyst at India Infoline Ltd. “While there are a number of positives, the market is most likely catching up.”
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