Indian stocks swing as investors weigh growth

Bloomberg

India stocks swung between gains and losses in volatile trade as investors mulled the outlook for economic growth against corporate risks as coronavirus continues to spread.
The S&P BSE Sensex was little changed at 36,475.06 as of 12:47 pm in Mumbai, after rising as much as 0.4% and falling as much as 0.7%. The gauge closed at its highest level since early March after four days of gains, just short of breaking through its 200-day moving average, a key technical barrier. The NSE Nifty 50 Index was also little changed
Signs of economic growth are emerging in India as business gradually reopens from a prolonged lockdown. Still, India’s coronavirus epidemic has become the third biggest in the world as infections surged after containment was eased.
“By all parameters this rally looks overstretched,” said Rajat Bose, an independent market analyst based in Kolkata, “Breaching the 200-day moving average would be a signal to take some money off the table.”
The yield on the benchmark 10-year government bond was little changed at 5.824%.