Mumbai: India’s benchmark stock index posted its longest winning streak in more than three months after Wipro Ltd boosted investor optimism with earnings that beat all estimates.
In a volatile trading session that saw it pare gains multiple times, the S&P BSE Sensex Index rose 0.2 per cent to 38,598.99 as of 3.30pm close in Mumbai. That marked a fourth day of gains and its longest winning streak since July 4. The NSE Nifty 50 Index climbed 0.3 per cent.
Wipro reported quarterly net income that beat the highest analyst estimate on Tuesday, adding to investor optimism that companies will deliver rosier outlooks. So far this earnings season, two other Nifty members have announced results in line with expectations, while two have missed projections.
“You can trade the Nifty on the long side” today, buying on dips of 30 to 40 basis points, while banks can be a positive surprise from now until the October 27 Diwali holiday, said Prakash Pandey, chief executive officer at Plutus Advisors & Consulting.