Sensex Opens Week Higher
India’s BSE Sensex rose about 1.0% to 72,619 on Monday, rebounding from four straight sessions of losses as easing oil prices and fading expectations of a US Federal Reserve rate hike lifted sentiment despite continued foreign outflows. The index posted its eighth consecutive weekly decline last week, its longest losing streak in 25 years. Weaker-than-expected US employment data further reduced expectations of an October Fed hike, with markets pricing in a 22% chance versus 64% a week earlier. Financial stocks led gains, rising about 1.1%, with HDFC Bank up 1% after appointing Anup Bagchi as CEO for a three-year term and Bajaj Finance jumping 3.6% after reporting an 11% year-on-year increase in new loans booked in the second quarter. Tata Motors gained 0.7% after JLR reported a 25.5% year-on-year rise in wholesale volumes despite a 7.5% drop in retail sales. Meanwhile, Avenue Supermarts fell 0.7% despite an 18.4% increase in standalone revenue in the September quarter.
0% to 72,619 on Monday, rebounding from four straight sessions of losses as easing oil prices and fading expectations of a US Federal Reserve rate hike lifted sentiment despite continued foreign outflows. The index posted its eighth consecutive weekly decline last week, its longest losing streak in 25 years. Weaker-than-expected US employment data further reduced expectations of an October Fed hike, with markets pricing in a 22% chance versus 64% a week earlier. 6% after reporting an 11% year-on-year increase in new loans booked in the second quarter.
5% drop in retail sales. 4% increase in standalone revenue in the September quarter.