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Bloomberg
Automaker stocks gained in India after the government said it will look into cutting taxes
on some vehicles. The overall market was little changed.
A measure of automotive stocks climbed 1.5%, the most among 19 industry groups, while the benchmark S&P BSE Sensex Index was little changed as of 11:36 am in Mumbai.
Hero Motocorp Ltd. led peers higher, with a 4.6% gain, after the stock was raised to overweight from underweight at Morgan Stanley. A government committee will consider an industry request for a lower goods and services tax rate on two wheelers, the finance ministry said.
Both the Sensex and the broader NSE Nifty 50 gauge are closing in on records touched in January after rebounding by about 50% from coronavirus triggered plunges in March. Both measures may be volatile ahead of the expiry of futures and options contracts.
The yield on the benchmark 10-year government bond fell by two basis points to 6.11%, while the rupee weakened 0.1% to 74.3813 per dollar.
India’s quarterly earnings season is nearly over, with nearly two-thirds of the Nifty 50 index members that have reported beating or matching analyst estimates. The three companies yet to post results are Coal India Ltd., Oil & Natural Gas Corp. and Vedanta Ltd.