BSE Sensex surges to 14-month high on govt reforms

SENSEX-NIFTY-SPICEJET-FDI-REFORMS:BSE Sensex surges to 14-month high on govt reforms

The surged to its highest in 14 months, with retailers such as India and airlines including rallying after the government opened up the sectors to foreign direct investment.

India announced a slew of big-ticket after the market close on Friday as the country's economy grew at the slowest pace in three years.

Foreign investors are expected to be big buyers of Indian stocks on Monday, after purchasing a net 28.3 billion rupees on Friday, their biggest single-day purchase since July 3.

The measures were a "huge signal, symbolic of the government's reform commitment and an endorsement of its recognition of the urgency to put the economy above politics, for now," Deutsche Bank said in its note.

Deutsche Bank and Citigroup each raised their targets for the benchmark predicting the measures would attract stronger foreign investor flows.

The index gained 0.88 percent as of 9:53 a.m., after earlier hitting its highest since July 26, 2011. The rose 0.93 percent.

Both indexes are headed for a ninth consecutive winning session.

Airline stocks surged, with up 11.5 percent and 19.9 percent higher.

rose 17.2 percent while added 13.3 percent.

But investors also remained wary ahead of the RBI's monetary decision due out at 11 a.m. Analysts expect the Reserve to keep its rates on hold for now.

(Reporting by Mumbai team; Editing by Ryan Woo)

($1 = 54.4150 Indian rupees)

image
Business Standard
177 22
Business Standard

BSE Sensex surges to 14-month high on govt reforms

SENSEX-NIFTY-SPICEJET-FDI-REFORMS:BSE Sensex surges to 14-month high on govt reforms

Reuters  |  MUMBAI  

The surged to its highest in 14 months, with retailers such as India and airlines including rallying after the government opened up the sectors to foreign direct investment.

India announced a slew of big-ticket after the market close on Friday as the country's economy grew at the slowest pace in three years.

Foreign investors are expected to be big buyers of Indian stocks on Monday, after purchasing a net 28.3 billion rupees on Friday, their biggest single-day purchase since July 3.

The measures were a "huge signal, symbolic of the government's reform commitment and an endorsement of its recognition of the urgency to put the economy above politics, for now," Deutsche Bank said in its note.

Deutsche Bank and Citigroup each raised their targets for the benchmark predicting the measures would attract stronger foreign investor flows.

The index gained 0.88 percent as of 9:53 a.m., after earlier hitting its highest since July 26, 2011. The rose 0.93 percent.

Both indexes are headed for a ninth consecutive winning session.

Airline stocks surged, with up 11.5 percent and 19.9 percent higher.

rose 17.2 percent while added 13.3 percent.

But investors also remained wary ahead of the RBI's monetary decision due out at 11 a.m. Analysts expect the Reserve to keep its rates on hold for now.

(Reporting by Mumbai team; Editing by Ryan Woo)

($1 = 54.4150 Indian rupees)

RECOMMENDED FOR YOU

BSE Sensex surges to 14-month high on govt reforms

SENSEX-NIFTY-SPICEJET-FDI-REFORMS:BSE Sensex surges to 14-month high on govt reforms

The BSE Sensex surged to its highest in 14 months, with retailers such as Pantaloon Retail India and airlines including SpiceJet rallying after the government opened up the sectors to foreign direct investment.

The surged to its highest in 14 months, with retailers such as India and airlines including rallying after the government opened up the sectors to foreign direct investment.

India announced a slew of big-ticket after the market close on Friday as the country's economy grew at the slowest pace in three years.

Foreign investors are expected to be big buyers of Indian stocks on Monday, after purchasing a net 28.3 billion rupees on Friday, their biggest single-day purchase since July 3.

The measures were a "huge signal, symbolic of the government's reform commitment and an endorsement of its recognition of the urgency to put the economy above politics, for now," Deutsche Bank said in its note.

Deutsche Bank and Citigroup each raised their targets for the benchmark predicting the measures would attract stronger foreign investor flows.

The index gained 0.88 percent as of 9:53 a.m., after earlier hitting its highest since July 26, 2011. The rose 0.93 percent.

Both indexes are headed for a ninth consecutive winning session.

Airline stocks surged, with up 11.5 percent and 19.9 percent higher.

rose 17.2 percent while added 13.3 percent.

But investors also remained wary ahead of the RBI's monetary decision due out at 11 a.m. Analysts expect the Reserve to keep its rates on hold for now.

(Reporting by Mumbai team; Editing by Ryan Woo)

($1 = 54.4150 Indian rupees)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard