Business | Markets

Real estate, auto drive Sensex to 15-month high

Indian stocks rose to a 15-month high. DLF Ltd. led gains as investors judged recent declines as excessive. Mahindra & Mahindra Ltd. climbed on a report it will make sports utility vehicles for overseas markets.

  • Bloomberg
  • Published: 22:53 September 15, 2009
  • Gulf News

Mumbai: Indian stocks rose to a 15-month high. DLF Ltd. led gains as investors judged recent declines as excessive. Mahindra & Mahindra Ltd. climbed on a report it will make sports utility vehicles for overseas markets.

DLF, the biggest real estate developer, jumped 5.5 per cent after losing 10 per cent in the previous five trading sessions. Mahindra & Mahindra, the largest sports utility vehicle maker, advanced 1.5 per cent. Sterlite Industries (India) Ltd., the No. 1 copper producer, added 3.8 per cent after metals prices climbed.

The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 240.26, or 1.5 per cent, to 16,454.45, the highest since May 28, 2008. The gauge declined 0.3 per cent yesterday, snapping a six-day rally.

"There is strong liquidity supporting the market," Jagannadham Thunuguntla, the head of equities at SMC Capitals Ltd. in New Delhi. "Yesterday's fall has made some stocks attractive."

Overseas funds bought a net Rs3.31 billion (Dh250.83 million) of Indian stocks on September 11, the Securities and Exchange Board of India said on its Web site yesterday. The funds have bought Rs426.9 billion of the nation's stocks this year to date, compared with record net sales of Rs530 billion for the whole of 2008.

The S&P CNX Nifty Index on the National Stock Exchange gained 1.7 per cent to 4,892.10. The BSE 200 Index advanced 1.7 percent to 2,017.52.

DLF jumped 5.5 per cent from a four-week low to Rs412.75, paring losses for this month to 2.7 per cent.

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