Market chat: Sensex rises ahead of ICICI Bank, ITC earnings

Indian stocks climbed for the first time this week, with the benchmark gauge set for its biggest monthly advance since May, as investors awaited quarterly results of some of the nation’s biggest companies including ICICI Bank Ltd and ITC Ltd.

Dr Reddy’s Laboratories Ltd, the third-biggest drugmaker by market value, rallied to a record after its profit beat estimates. NTPC Ltd, the top power producer, surged the most since May last year. ITC, the largest cigarette company, fell for a fifth day, set for the longest losing streak since August. ICICI Bank, the biggest private lender, climbed before earnings reports.

The S&P BSE Sensex added 0.3% to 26,916.67 at 10:44 am in Mumbai. The gauge has risen almost 3% in October, rebounding after its biggest quarterly drop in about four years. Foreigners poured $907 million into local stocks this month, after pulling out $2.6 billion in the September quarter, amid signals the Fed will delay raising borrowing costs until 2016. Those gains may evaporate if inflows reverse after the US central bank closes an unprecedented era of near-zero rates in December.

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ICICI Bank

ITC Limited