(Bloomberg) — India stocks rose for a second day as the country entered the first phase of opening up its economy, with hotels, restaurants and shopping malls permitted to function after more than two months of lockdown.
The S&P BSE Sensex surged 1.8% to 38,887 as of 9:44 a.m. in Mumbai, while the NSE Nifty 50 Index advanced 1.7%.
Indian equities logged their second weekly gain Friday as global funds stepped up purchases after the government began easing curbs to revive an economy that’s set for its first full-year contraction in more than four decades. The resumption of a global rally in risk assets has seen foreigners pour more than $4 billion into local shares so far this quarter, the highest in Asia.
“Optimism has built up over the opening up of the economy and forecast of a good monsoon,” said Sudip Bandyopadhyay, who oversees investments at Inditrade Capital Ltd. in Mumbai. “The bigger reason has been the supportive global rally and foreigners buying heavily.”
The Numbers
- Eighteen of 19 sector sub-indexes compiled by BSE Ltd. gained, led by a gauge of banks
- Twenty-eight shares rose while two fell
- HDFC Bank Ltd. contributed most to the advance with a 2.5% increase, IndusInd Bank Ltd. was the biggest winner, gaining 7.2%; Sun Pharmaceutical Industries Ltd. was the biggest drag on the index and had the biggest drop, declining 0.8%
