India Stocks Advance as Engineering, Energy Companies Pace Gains

(Bloomberg) — India’s NSE Nifty 50 Index snapped its longest losing streak since December to rise the most in a week as engineering companies climbed along with energy stocks.

  • The benchmark S&P BSE Sensex and the Nifty Index each rose 0.3%, the most since in March 17; S&P BSE Capital Goods Index, up 1.2%, was the best performer among the sub indices
  • “Contributors to Nifty are changing and we are likely to see a sector rotation in the market,” Chakri Lokapriya, Mumbai-based managing director at TCG Aadvisory Services Pvt Ltd said by phone
    • Pharma, IT and banks will be downgraded, export-related stocks like oil & gas and metals will see upgrades
  • Cairn India Ltd +1.2% after government approves extension of Pre-NELP blocks
  • Sadbhav Infrastructure Project Ltd. +6.1% after achieving lowest bid for road projects
  • Reliance Defence and Engineering Ltd. +4.2%, Suzlon Energy Ltd. +3.5% after NSE adds them to F&O List