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 advanced amid continued optimism that Prime Minster Narendra Modi will adopt more policies to spur growth in Asia’s third-biggest economy.
The benchmark S&P BSE Sensex rose 0.6 percent to 39,683.29 in Mumbai, adding to a series of record highs this year after capping its best week in seven months. The NSE Nifty 50 Index advanced 0.7 percent, also marking a new all-time high close.
After Modi’s landslide election win, investors are looking to see how the government tackles slowing economic growth. A survey of economists predicts that a report will show the pace of growth in the first three months of this year was the slowest since the quarter through June 2017. Modi and his ministers will be sworn in on May 30.
Fourteen of the 19 sector indexes compiled by BSE Ltd rose, led by a gauge of capital goods stocks. Eighteen of the 31 Sensex members and 32 of the 50 Nifty companies rose. NTPC Ltd added 3.2 percent and was among the top gainers on the benchmark gauge after posting better-than-expected earnings.
Manpasand Beverages fell 20 percent after its offices were searched and CFO Paresh Thakkar was arrested on allegations of tax fraud.