Indian Stocks Rise, Posting Longest Winning Run in 18 Months
By Pooja Thakur
April 13 (Bloomberg) -- Indian stocks rose, with the benchmark index posting its longest winning streak in more than 18 months, on optimism government stimulus packages will help revive global economies.
Japanese Prime Minister Taro Aso more than doubled stimulus spending and Chinese lending jumped by a record. ICICI Bank Ltd., India’s second-biggest lender, rose 4.7 percent while HDFC Bank Ltd. climbed 5.2 percent. Sterlite Industries (India) Ltd. gained 6.9 percent, leading commodity producers higher.
The Bombay Stock Exchange’s Sensitive Index rose 1.5 percent to 10,967.22, its longest run of gains since the 11 days ended Oct. 3, 2007. The S&P CNX Nifty Index on the National Stock Exchange added 1.2 percent to 3,382.60. The BSE 200 Index advanced 1.8 percent to 1,293.78. Nifty futures for April delivery climbed 0.6 percent to 3,374.
“As long as global news flows are positive and markets globally are rallying, we will follow their cues,” said Jayesh Shroff, who helps manage $5.5 billion in assets at SBI Asset Management Co. in Mumbai. “India will not remain isolated from the rally.”
The MSCI Asia Pacific Index rose 0.3 percent to 88.21, the highest since Jan. 12. Aso unveiled a record 15.4 trillion yen ($153 billion) stimulus plan last week, his third since taking office and bringing total spending to 25 trillion yen.
ICICI climbed 4.7 percent to 416.60 rupees. HDFC Bank added 5.2 percent to 1,098.35 rupees. State Bank of India, the largest lender, rose 6.8 percent to 1,217.90 rupees.
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