India stocks rose for a fourth day, tracking regional peers higher before the start of the local earnings season.
The S&P BSE Sensex climbed 0.8% to 39,280.75 as of 9:53 a.m. in Mumbai, heading for its longest streak of gains since the last Friday of August. The NSE Nifty 50 Index advanced by the same magnitude, with financial stocks among the best performers.
Company earnings for the quarter through September begin this week, giving some insight as to how firms are fairing as curbs on activity are loosened.
The earnings season may show “some positive surprises in the banking sector,” said Umesh Mehta, head of research at Mumbai-based Samco Securities Ltd., adding that fast moving consumer goods companies may disappoint.
Indian businesses are counting on a pickup in consumer spending from this month due to the annual festive season.
The yield on the benchmark 10-year government bond increased by one basis point to 6.01%, while the rupee strengthened to 73.1500.
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- Sixteen of 19 sector sub-indexes compiled by BSE Ltd. advanced, with a gauge of financiers among the best performers
- Twenty-two Sensex shares rose while seven fell
- Housing Development Finance Corp. and HDFC Ltd. contributed most to the advance, while Infosys Ltd. was the biggest drag
- India Picks Central Bank Rate Panel After Unexplained Delay
- Indian Rupee Gets Lift From Stock Flows, Current Account Surplus
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