India’s Sensex Heads for a Record Close

(Bloomberg) — India’s benchmark stock gauge rose as investors joined a rally that sent stocks higher in most regional markets, buoyed by the U.S. suspension of additional tariffs on China.

The S&P Index advanced 0.7% to 41,203.67 as of 9:54 a.m. in Mumbai, set for another record-high close. The NSE Nifty 50 Index climbed 0.6%. Stocks edged higher from Tokyo to Shanghai after the S&P 500 Index closed at an all-time high.

India’s equity market has benefited from foreign investors pumping $13.3 billion into the nation’s stocks this year. This exceeds the highest annual inflows since 2014 and has driven most of the Sensex’s 14% gain in 2019.

Strategist View

“The market will remain in a good mood because of the global environment, but there will be pockets of profit-booking because there are no further triggers in the next two weeks,” said Umesh Mehta, head of research at Samco Securities Ltd. in Mumbai.

The Numbers

• Fourteen of 19 sector indexes compiled by BSE Ltd. rose, led by a gauge of automotive-related companies
• Vedanta Ltd. climbed 2.6%, the most on the Sensex, while Infosys Ltd. was the biggest boost
• Oil & Corp. was the biggest drag and loser, with a 0.6% drop.

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• Banks Get a $7.6 Billion Boost From Indian Bankruptcy Recoveries
• India Protests Show Modi’s Hardline Agenda May Hurt Economy
• India Govt Releases INR353b GST Compensation to States
• Citigroup (NYSE:) Sees Less Than 6% Gain in India’s Nifty for Next Year
• Reliance, BP (LON:) See Forming Indian Fuels JV in 1H 2020

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