Mumbai: India’s benchmark equity index declined, led by vehicle makers as concerns over higher oil prices and global trade conflicts intensified.
The benchmark S&P BSE Sensex index fell 0.2 percent to 35,107.77 at 1:45pm in Mumbai, snapping three sessions of gains. It had climbed as much as 1.3 percent earlier in the session. Sixteen of 19 sector sub-gauges compiled by BSE Ltd. declined, led by auto companies. Yes Bank Ltd. and Axis Bank Ltd. were the worst performers on the gauge while Infosys Ltd. climbed as much as 3.8 percent after posting quarterly net income that topped analysts’ average estimates.
‘Beaten down stocks are being supported by the results season, which has been alright so far, although we need more beats,’ said Chokkalingam G, managing director at Equinomics Research & Advisory. High oil prices contributing to rupee weakness, however, will continue to keep markets volatile, he said.
India’s quarterly earnings season has started on a positive note. Net income at four of the seven NSE Nifty 50 Index companies that have reported so far have met or beaten estimates, data compiled by Bloomberg show. Reliance Industries Ltd. is scheduled to report its results later today. Brent prices climbed for a fourth session, rising to $81.71 (Dh300) a barrel.