Mumbai: Indian stocks advanced, closing their longest weekly winning streak in a decade.
The S&P BSE Sensex climbed 0.3% to 47,868.98 in Mumbai at the end of a ninth straight week of gains. The NSE Nifty 50 Index advanced by the same magnitude.
Indian equities returned about 16% last year, as investors bet the rollout of vaccines for Covid-19 will usher in a rapid recovery in the economic growth and boost corporate earnings. The mid-and small-cap indexes outperformed the benchmark for the first time after 2017.
“Corporate earnings post the dip are likely to stage a handsome growth trajectory,” analysts at ICICI Securities Ltd. in Mumbai said in a note. “For the calendar year 2021, we expect mid-caps and small-caps to gain relatively more than the large-caps.”
Tata Consultancy Services Ltd. is set to open the quarterly earnings season with its results next Friday.
The yield on the benchmark 10-year government bond increased by one basis point to 5.88%, while the rupee weakened 0.1% to 73.1325 per dollar.
The Numbers
- Seventeen of 19 sector sub-indexes compiled by BSE Ltd. advanced, led by a gauge of telecom companies
- Twenty stocks on the Sensex index rose while nine fell
- Tata Consultancy Services Ltd. gave the index its biggest boost and rose 2%, while ITC Ltd. was the biggest winner with a 2.3% jump; ICICI Bank Ltd. was the biggest loser and drag on the index, dropping 1.4%
Subscribe to our channels on YouTube & Telegram
Why news media is in crisis & How you can fix it
India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.
But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.
ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.