The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Indian equities — that fluctuated between gains and losses — capped their first advance in three days, boosted by a rally in shares of a private lender after it announced a new chief.
The benchmark S&P BSE Sensex climbed 0.2 percent to 36,195.10 at the 3:30 pm close in Mumbai, after swinging at least twelve times between a high of 0.4 percent and a low of 0.3 percent. The NSE Nifty 50 Index also added 0.2 percent.
The gauges got a boost in the last 30 minutes after Yes Bank Ltd in its earnings filing named a Deutsche Bank AG veteran Ravneet Gill as its new head, which should help resolve a leadership crisis.
Barring moves related to earnings, global trade negotiations, next week’s national budget, the Reserve Bank of India’s (RBI) rate meeting
on February 7 and campaigning for general elections starting in April may
influence investors’ interest in equities.
“The present level of the indexes is neither a ceiling nor a floor for the coming five months,†said Sanjay Sinha, founder of Citrus Advisors in Mumbai.
“Four significant events
are playing out†that may
influence investors, he said, citing earnings that are scheduled to end on February 15, the interim budget being unveiled on February 1, monetary policy, and the federal elections.