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Bloomberg
Indian stocks rose on optimism that companies have weathered the worst of an economic slowdown. Tata Motors Ltd surged for a second session after posting earnings that beat expectations.
The S&P BSE Sensex climbed 1.5% to 39,831.84 at the 3:30 pm close in Mumbai. The NSE Nifty 50 Index advanced 1.4%.
Sentiment is improving as companies report business wasn’t as slow as predicted in the quarter ended in September. The mood was also buoyed by signs that
India is pushing ahead with selling shares in state-owned companies including Air India Ltd and Bharat Petroleum Corp Ltd. Tata Motors climbed as much as 16%, extending a climb of the same magnitude, after reporting a narrower-than-expected loss in the second quarter.
Of the 23 Nifty companies that have announced results so far, 17 have either beaten or matched analyst estimates, while one didn’t have any estimates. Bharti Airtel Ltd deferred its quarterly earnings release scheduled for Tuesday to November 14 after a court ruling that requires the company to pay license fee dues to the government.
“If FDI rules are eased for the cause of disinvestment in state-owned companies like Air India, that will be very encouraging for the stock market,“ said Sudip Bandyopadhyay, who oversees investments at Inditrade Capital Ltd in Mumbai.
Eighteen of 19 sector sub-indexes compiled by BSE Ltd rose, led by a gauge of automobile companies.