India’s Sensex Extends Gains, Buoyed by Software Exporters

(Bloomberg) — India’s benchmark equity index rose, led by software exporters as Tata Consultancy Services Ltd. gave the measure its biggest boost.



a man standing next to a tree: Pedestrians stand outside the Bombay Stock Exchange (BSE) building in Mumbai, India, on Monday, May 20, 2019. Indian stocks rallied the most in more than three years and the rupee and sovereign bonds climbed after exit polls signaled Prime Minister Narendra Modi’s ruling coalition is poised to retain power.


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Pedestrians stand outside the Bombay Stock Exchange (BSE) building in Mumbai, India, on Monday, May 20, 2019. Indian stocks rallied the most in more than three years and the rupee and sovereign bonds climbed after exit polls signaled Prime Minister Narendra Modi’s ruling coalition is poised to retain power.

The S&P BSE Sensex climbed 0.2% to 38,067.58, set for a third day of gains, as of 10:15 a.m. in Mumbai. The NSE Nifty 50 Index advanced by the same magnitude.

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The three-day run of gains has helped trim both gauges’ first monthly losses since May, with overseas investors remaining net sellers of local stocks after four consecutive months of buying.

“In the absence of major cues, it appears to be a traders’ market,” said Chokkalingam G, chief investment officer at Equinomics Research & Advisory Ltd. in Mumbai. “Investors should trade cautiously and book profits wherever they can.”

India’s government is likely to unveil its borrowing plan for the second half of the year Wednesday, while the central bank has yet to reschedule a policy meeting that had been scheduled to start today.

The rupee was little changed at 73.7675 per U.S. dollar, while the yield on 10-year government bonds rose one basis point to 6.07%.

The Numbers

Thirteen of 19 sector indexes compiled by BSE Ltd. rose, led by a 1.7% gain in a gauge of software exporters; the S&P BSE Information Technology Index has added 29% so far this year.A measure of telecom stocks was the worst performer, falling 1.9% as Bharti Airtel Ltd. weighed.ICICI Bank Ltd. was the biggest drag on the Sensex, declining 1.6%.

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