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Bloomberg
India’s benchmark stock index posted its longest winning streak in more than three months after Wipro Ltd boosted investor optimism with earnings that beat all estimates.
In a volatile trading session that saw it pare gains multiple times, the S&P BSE Sensex Index rose 0.2% to 38,598.99 in Mumbai. That marked a fourth day of gains and its longest winning streak since July 4. The NSE Nifty 50 Index climbed 0.3%.
Wipro Ltd reported quarterly net income that beat the highest analyst estimate, adding to investor optimism that companies will deliver rosier outlooks.
So far this earnings season, two other Nifty members have announced results in line with expectations, while two have missed projections.
“You can trade the Nifty on the long side†today, buying on dips of 30 to 40 basis points, while banks can be a positive surprise from now until the October27 Diwali holiday, said Prakash Pandey, chief executive officer at Plutus Advisors & Consulting.
10 of 19 sector sub-indexes compiled by BSE Ltd advanced, led by a gauge of oil and gas stocks. Bajaj Finance Ltd was the top gainer on the Sensex index; Hero Motocorp Ltd was the biggest drag.