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Most Indian Stocks Rise as Sensex Retreats From Record High

(Bloomberg) — Most Indian stocks rose as a ruling party alliance won a state election, even as a stock benchmark retreated from a record high.The S&P BSE Sensex lost 0.5% to 43,052.70 as of 1:22 p.m. in Mumbai, after climbing as much as 1%, even as all but eight of its 30 members rose. The NSE Nifty 50 Index fell 0.3%. Both measures yesterday completed their longest string of gains in a month that took them to new peaks.Still, both gauges’ relative strength index is above 70, a level that may signal they’re overbought, while a measure of volatility Tuesday climbed the most in nearly a month.“On higher levels, a little bit of profit-booking is expected,” said Ravi Singhal, vice chairman at Jaipur-based GCL Securities Limited.Of the eight stocks that declined on the Sensex, Reliance Industries Ltd., India’s most valuable company, IndusInd Bank Ltd., HDFC Bank Ltd. and ICICI Bank Ltd. were the biggest drags; the stocks account for more than a third of the index’s weighting.Prime Minister Narendra Modi’s party retained control through a coalition in the eastern state of Bihar in its first election since the pandemic struck. While India has the world’s second-largest coronavirus case count, new infections are less than half of the peak in mid-September, according to data from John Hopkins University.Modi’s alliance’s “win in Bihar suggests political immunity from the pandemic,” Sonal Varma, chief economist for India and Asia, ex-Japan, at Nomura Holding Inc. in Singapore, wrote in a note. The results indicate that the prime minister remains popular, she said.India’s emergence from the world’s biggest lockdown has triggered a revival in demand, even as Asia’s third-largest economy is forecast to contract this year for the first time in about four decades.“There is optimism that an economic recovery may be faster as business activity is steadily rising close to the pre-pandemic levels,” said Kranthi Bathini, an equity strategist at WealthMills Securities Ltd.As earnings season continues, 28 of the 43 Nifty 50-member companies that have announced results so far have beaten or matched analyst estimates. Coal India Ltd., Power Grid Corp. and Shree Cement Ltd. are due to report results today.The rupee weakened 0.2% to 74.3225 per U.S. dollar, while the yield on the 10-year government bond fell 1 basis point to 5.91%.The NumbersFifteen of 19 sector indexes compiled by BSE Ltd. rose, led by a gauge of healthcare stocksInfosys Ltd. provided the biggest boost to the Sensex, advancing 1.6%, while Tata Steel Ltd. had the biggest gain, rising 5%Stocks including Adani Green Energy Ltd., Apollo Hospitals Enterprise Ltd., Balkrishna Industries Ltd., and Kotak Mahindra Bank Ltd. surged after being included in the MSCI Asia Pacific November reviewMarket-related storiesHere Is the List of APAC ex-China Stocks in MSCI’s Nov. ReviewSugar Falls Most in a Week on India Export-Subsidy SpeculationHindalco Increases High-Value-Added Products: Company OutlookAmbani Wages Price War With Amazon for $200 Billion India PrizeFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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