Sensex Extends Rally for Fourth Straight Day
India’s BSE Sensex rose about 1.0% to 76,408 on Tuesday, extending its winning streak to four sessions and holding near its highest level since September 7, as easing crude oil prices, strong corporate earnings and renewed foreign buying lifted sentiment. Foreign portfolio investors bought a net 31.15 billion rupees ($350 million) worth of Indian shares on Monday, supporting equities after sustained outflows. Sentiment also benefited from SEBI’s proposal to scrap long-term capital gains tax on foreign equity investments, subject to government approval. Among stocks, Marico gained 6.3% after reporting a 31% rise in quarterly net profit, aided by lower copra costs and resilient demand. KRBL climbed 11.8% on a 51% profit increase, while Trident surged 12.3% after reporting a 93.1% rise in profit and announcing a 4,650-crore-rupee expansion, and VRL Logistics jumped 10% on stronger earnings. Meanwhile, KEC International fell 7.3% after quarterly profit plunged 81.5%.
India’s BSE Sensex rose about 1.0% to 76,408 on Tuesday, extending its winning streak to four sessions and holding near its highest level since September 7, as easing crude oil prices, strong corporate earnings and renewed foreign buying lifted sentiment. Foreign portfolio investors bought a net 31.15 billion rupees ($350 million) worth of Indian shares on Monday, supporting equities after sustained outflows. Sentiment also benefited from SEBI’s proposal to scrap long-term capital gains tax on foreign equity investments, subject to government approval.
Among stocks, Marico gained 6.3% after reporting a 31% rise in quarterly net profit, aided by lower copra costs and resilient demand. KRBL climbed 11.8% on a 51% profit increase, while Trident surged 12.3% after reporting a 93.1% rise in profit and announcing a 4,650-crore-rupee expansion, and VRL Logistics jumped 10% on stronger earnings. Meanwhile, KEC International fell 7.3% after quarterly profit plunged 81.5%.