Indian stocks rose for a second day as a general appetite for risk, seen across Asia, helped drive gains in equities.
The S&P BSE Sensex advanced 0.9% to 41,565.9, at in Mumbai and the NSE Nifty 50 Index climbed 0.8% on Wednesday. The S&P BSE Midcap Index, comprising 101 companies, dropped 0.3%; the gauge of mid-sized firms has risen in six of the last eight sessions.
Earnings season for local companies will end this week. Of the 46 Nifty companies that have announced results so far, 20 have either met or exceeded expectations while four were
“Midcap stocks, for the last couple of months, are witnessing a catch up with fresh funds gradually coming into quality mid-sized companies,” said Umesh Mehta, head of research at Mumbai-based Samco Securities Ltd. “As we come to the end of the fiscal year, we expect post-budget euphoria to settle as uncertainty about the spread of coronavirus is likely to keep investor activity muted.”
Twelve of 19 sector indexes compiled by BSE Ltd rose, led by a gauge of FMCG companies.
Hindustan Unilever Ltd contributed the most to the Sensex gain and rose the most, adding 5%.