Reliance and ICICI lead weekly gain
Profitability of firms looking good, expert says
Mumbai: India's stocks advanced for the fourth day, driving the benchmark index to a weekly gain, as Reliance Industries Ltd rose on expectations its earnings will beat analysts' estimates.
Reliance, India's most valuable company, increased for the second day. Lenders ICICI Bank Ltd and HDFC Bank Ltd climbed before their earnings today. Tractor maker Escorts Ltd. soared to a 10-year high after profit jumped more than fivefold.
‘More resilient'
"Even in the downturn, the earnings of Indian companies were much more resilient," said Gopal Agrawal, head of equities at Mirae Asset Financial Group's local office, which has $2.5 billion (Dh9.19 billion) invested in India. "Foreign investors are positive on India. Globally, the profitability of Indian companies is quite good. Anyone looking for good returns will allocate to India."
The Bombay Stock Exchange's Sensitive Index, or Sensex, gained 120.21, or 0.7 per cent, to 17,694.2. The gauge advanced 0.6 per cent last week, rebounding from a 1.9 per cent decline the previous week.
The S&P CNX Nifty Index on the National Stock Exchange rose 0.7 per cent to 5,304.1. The BSE 200 Index increased 0.4 per cent to 2,232.81.
Reliance rose 1.2 per cent to Rs1,088.2 (Dh89.76). The Mumbai-based company controlled by Mukesh Ambani, Asia's richest man, may report net income of Rs51.4 billion in the three months ended March 31, according to the mean estimate of 14 analysts surveyed by Bloomberg News.
