The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Indian stocks swung between gains and losses as investors weighed corporate earnings that beat expectations against rising coronavirus infections.
The S&P BSE Sensex were little changed at 37,872.50 as of 9:48 am in Mumbai after dropping as much as 0.4% and gaining as much as 0.6%. The NSE Nifty 50 Index swung in a similar range and most recently traded little changed.
While the aggregate net income of 47 NSE Nifty 50 Index members slumped about 40% in the quarter ended June from a year ago, about two-thirds of the companies met or exceeded estimates, data compiled by Bloomberg show.
Foreign investor flows into Indian equities reached $3.6 billion so far in August, the highest in Asia excluding China, as funds pile into additional share sales.
“Margin rise was the key surprise driver†for the earnings amid cost savings, analysts led by Mahesh Nandurkar at Jefferies Financial Group Inc. wrote in a note.
Vedanta, Coal India Ltd., Oil & Natural Gas Corp. and Zee Entertainment Enterprises Ltd. have yet to report results.
Foreign investor flows into Indian equities have reached $3.6 billion so far in August, the highest in Asia excluding China, as funds pile into additional share sales. The South Asian nation’s firms have sold $8.9 billion worth of new stock year-to-date, the most on record for such a period, according to data compiled by Bloomberg.
India’s death toll from Covid-19 is the fourth highest spot globally. Total confirmed coronavirus cases of 2.6 million are the third-largest in the world, while 1.86 million have recovered from Covid-19, the disease caused by the virus.
The yield on benchmark 10-year bond fell one basis point to 5.94% after climbing by 8 points on Friday. The rupee traded slightly higher at 74.8550 per dollar.