Indian stocks rose to a record, erasing an intraday loss, after data showed the trade deficit narrowed last month, adding to signs the economy is improving.
State Bank of India surged to a four-year high as concerns on the asset quality of the nation’s biggest lender eased. Tata Motors Ltd. (TTMT) surged to an all-time high after saying Jaguar Land Rover plans to start a plant in China by the year-end. Reliance Industries Ltd. (RIL), owner of the world’s largest refining complex, advance for the first time in four days.
The S&P BSE Sensex (SENSEX) rose 0.5 to a record 28,177.88 at the close. The gauge erased a loss of as much as 0.5 percent after the government reported the trade gap in October narrowed to $13.4 billion from $14.25 billion in September. Data last week showed consumer-price gains last month were the least since early 2012, while factory output rose at the fastest pace in three months. The economy may grow at 7 to 8 percent in two years, Jayant Sinha, the junior finance minister, said Nov. 10.
“India is going back into the high-growth, low inflation environment,” Adrian Mowat, the chief Asia and emerging market equity strategist at JPMorgan Chase & Co., said in a Bloomberg Television TV India interview today. “We remain confident with the fundamental story.”
via Bloomberg
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.