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.”
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