India’s Sensex Ekes Out New Record as Gains Extend for Fifth Day

(Bloomberg) -- India stocks extended gains from a record high as benchmark indexes climbed for a fifth day.

The S&P BSE Sensex added 0.3% to 46,786.58 as of 10:07 a.m. in Mumbai, while the NSE Nifty 50 Index rose by the same magnitude. The measures followed a regional gauge higher even as falling stocks exceeded those that rose.

Valuations suggest India’s benchmark indexes will end next year around similar levels to where they are now, according to analysts at Kotak Securities Ltd. The Sensex is trading at nearly 29 times one-year forward earnings, the highest since at least 2004, according to Bloomberg data.

The yield on the benchmark 10-year government bond was little changed at 5.89%, while the rupee strengthened 0.1% to 73.5350 against the U.S. dollar.

The Numbers

• Twelve out of 19 sector sub-indexes compiled by BSE Ltd. fell, with a gauge of real estate companies dropping the most
• Twelve Sensex shares rose, while 18 fell
  • Housing Development Finance Co. was the biggest gainer and boost, adding 1.6%, while Hindustan Unilever Ltd. was the biggest drag and lost 1.1%

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