India stocks rose, led by Reliance Industries Ltd., as investors looked beyond the surge in new coronavirus cases and political tensions with China.
The S&P BSE Sensex rose 1.3% at 33,926.29 as of 1:49 p.m. in Mumbai, after falling as much as 0.4% earlier in the session. The NSE Nifty 50 Index climbed 1.4%. Reliance Industries Ltd., India’s largest company by market capitalization, was the biggest boost to both gauges.
Rising Covid-19 infections in India and beyond are weighing on sentiment for riskier assets. Prime Minister Narendra Modi said the nation will defend its sovereignty after clashes along its contested border with China led to the deaths of at least 20 soldiers.
“Border tensions and the Covid rate not flattening are the two factors we’ve to live with for sometime,” said Sanjiv Bhasin, a strategist at IIFL Securities Ltd. in Mumbai. “All declines for the week will be opportunities to buy for the smart money which is looking beyond one-off events like pandemic and this short term escalation of tensions on border.”
Rating company Fitch moved the nation’s outlook to negative, citing in a statement the weakened economic growth outlook and a high public-debt burden.
The yield on the most traded 6.45% 2029 bond was little changed at 6% while the rupee was steady at 76.16 per US dollar.
{{/usCountry}}The yield on the most traded 6.45% 2029 bond was little changed at 6% while the rupee was steady at 76.16 per US dollar.
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