India Stocks Rise With Asia on U.S. Stimulus Boost Expectations

India’s stocks rose, in line with most peers in Asia, on expectations over extra stimulus measures after Democrats won control of the U.S. Senate.

The S&P BSE Sensex advanced 0.4% to 48,388.01 as of 9:46 a.m. in Mumbai. The NSE Nifty 50 Index climbed 0.5%. Both gauges are on course for new records.

Stocks rose in Japan, Australia and South Korea on the prospects for increased U.S. government spending to help revive global economic growth.

In India, builders including Oberoi Realty Ltd. and Godrej Properties Ltd. got a boost after the Maharashtra state government slashed levies on construction projects. Later this week, the quarterly earnings season begins with Asia’s largest software exporter Tata Consultancy Services Ltd. due to report results Friday.

“We are in line with global sentiment and, among emerging markets, India has so far been a big beneficiary of inflows,” said Anita Gandhi, an investment advisor at Arihant Capital Markets Ltd. in Mumbai. “Company earnings are largely factored in but investors would look for commentary and any positive surprises,” she said.

The Numbers

  • All except two of 19 sector indexes compiled by BSE Ltd. rose, led by a gauge of metal companies
  • Reliance Industries Ltd. contributed the most to the Sensex advance, increasing 0.9%, while IndusInd Bank Ltd. had the largest gain, rising 2.2%

Market-related stories

  • India’s Costliest Housing Market Gets a Boost as Levies Slashed
  • Indonesia Yields May Fall Below India as Commodities Gain: Chart

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