India’s stocks climbed for the third day on signs company profits may weather accelerating inflation and higher interest rates.
Oil & Natural Gas Corp., the nation’s biggest state energy explorer, advanced the most in two weeks after reporting record quarterly earnings. Jaiprakash Associates Ltd., a builder of roads and bridges, climbed 2.2 percent.
The BSE India Sensitive Index, or Sensex, added 0.3 percent to 17,610.21 at 9:25 a.m. in Mumbai. The S&P CNX Nifty Index on the National Stock Exchange increased 0.3 percent to 5,298.70. Its November futures traded at 5,322.45. The markets were closed yesterday for a public holiday.
Five out of 17, or 29 percent, of Sensex companies that posted earnings for the September quarter have lagged behind analyst estimates, compared with 47 percent in the three months ended June, according to Bloomberg data. India’s manufacturing quickened in October, a sign the economy is withstanding record interest-rate increases and a faltering global recovery.
Overseas funds bought a net 779 million rupees of Indian stocks on Nov. 3, raising total investment in the equities this year to 21.7 billion rupees, according to data on the website of the market regulator. They withdrew a net $2.4 billion in August, the most since October 2008.
To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
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I believe that sensex might surge ahead in December after a brief pause, the pull back must be used to buy instead of selling. Please visit http://www.kalpeshmaniar.com for accurate forecasting of markets
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