Sensex closes 145 points up at 28,129.84 as banks lead advance
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Mumbai: Indian stocks advanced to a two-week high as the nation’s lenders rallied with consumer companies amid gains in regional equities.
The S&P BSE Bankex Index of 10 lenders climbed to a one-month high. The gauge is headed for its best week since July after the Essar Group’s $13 billion deal with a group involving Russia’s Rosneft PJSC improved prospects for loan recoveries at local banks.
Asian stocks rose for a third day with US equity index futures and the Mexican peso in a signal that investors believe Hillary Clinton held on to her advantage over Donald Trump in the final presidential debate. Domestic investors are watching the quarterly earnings season for signs of whether growth in profits can justify above-average valuations.
“The US elections and the Indian corporate earnings season will decide the course of the markets in the short term,” R. K. Gupta, managing director at Taurus Asset Management Co., which has $480 million in assets, said by phone from New Delhi. “Until then our daily movements will be dictated by how global equities behave.”
Infosys Ltd. and Tata Consultancy Services Ltd., the top software exporters, last week posted disappointing earnings outlook. Reliance Industries Ltd., owner of the world’s largest refining complex, is due to announce results after close of trading on Thursday.
The Sensex trades at 16.5 times projected 12-month earnings, compared with a five-year average of 14.5 times. The MSCI Emerging Markets Index is valued at a multiple of 12.6.
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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