Bloomberg News

Indian Stocks Advance for Sixth Day on Foreign Flows, Obama Win

November 07, 2012

Indian stocks advanced for a sixth day, led by banks and automakers, as foreign investors raised holdings of local shares and after U.S. President Barack Obama won re-election.

The BSE India Sensitive Index (SENSEX), or Sensex, rose 0.4 percent to 18,891.80, according to preliminary closing prices at 3:30 p.m. in Mumbai, its highest close since Oct. 5. State Bank of India, the largest, climbed 1.7 percent. Tata Consultancy Services Ltd. (TCS), which gets at least half its revenue from North America, led other Indian software exporters higher.

Overseas funds were buyers of local equities for a fourth day on Nov. 5, purchasing a net $76 million of shares, data from the regulator show. Obama defeated Republican Mitt Romney, winning at least 303 electoral votes in yesterday’s election with 270 needed for a second term. His victory increases the odds that the U.S. Federal Reserve will maintain stimulus measures designed to boost the world’s largest economy.

To contact the reporter on this story: Shikhar Balwani in Mumbai at sbalwani@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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