September 29, 2020 | software | No Comments
(Bloomberg) — India’s benchmark equity index rose, led by software exporters as Tata Consultancy Services Ltd. gave the measure its biggest boost.
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.
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%.
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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