The SENSEX Index Closes 1.27% Higher

India’s BSE Sensex rose further to close about 1.6% firmer at 76,918 on Tuesday, its highest since early September, marking the fourth session of gains. Solid corporate earnings and continued foreign investor interest offset concerns over rising geopolitical tensions and higher oil prices. Meanwhile, investors monitored the US midterm elections for potential implications for fiscal policy, trade and tensions with Iran. Sectoral performance was largely positive. FMCG stocks led the gains, supported by a 4.2% surge in Hindustan Unilever after Jefferies and Nomura maintained their Buy ratings following its strong quarterly performance. ITC also advanced 2.8%. Banking stocks also performed well, led by HDFC Bank, which advanced 3.6%, followed by ICICI Bank (2.8%), Axis Bank (1.8%) and Kotak Mahindra Bank (1.3%). SBI shares fell 1.8%, as investors looked beyond its profit growth, which was partly driven by exceptional income from the sale of its stake in SBI Funds Management.

The SENSEX Index went up by 1024 points or 1.35 percent on Tuesday to close at 76717 points. The rise was led by HDFC Bank (3.53%), Nestle India (3.44%) and Asian Paints (3.25%).

India’s BSE Sensex rose about 1.0% to 76,408 on Tuesday, extending its winning streak to four sessions and holding near its highest level since September 7, as easing crude oil prices, strong corporate earnings and renewed foreign buying lifted sentiment. Foreign portfolio investors bought a net 31.15 billion rupees ($350 million) worth of Indian shares on Monday, supporting equities after sustained outflows. Sentiment also benefited from SEBI’s proposal to scrap long-term capital gains tax on foreign equity investments, subject to government approval. Among stocks, Marico gained 6.3% after reporting a 31% rise in quarterly net profit, aided by lower copra costs and resilient demand. KRBL climbed 11.8% on a 51% profit increase, while Trident surged 12.3% after reporting a 93.1% rise in profit and announcing a 4,650-crore-rupee expansion, and VRL Logistics jumped 10% on stronger earnings. Meanwhile, KEC International fell 7.3% after quarterly profit plunged 81.5%.