Sensex Index Swings as India Investors Mull Outlook for Stocks

The S&P BSE Sensex Index was little changed at 41,270.37 as of 9:43 a.m. in Mumbai after rising as much as 0.4% and falling as much as 0.3%. The NSE Nifty 50 Index was also flat after swinging between the same range.

(Bloomberg) — India’s stock benchmark swung between gains and losses as investors mulled the outlook for riskier assets in an economy set for its weakest expansion in 11 years.

The S&P BSE Sensex Index was little changed at 41,270.37 as of 9:43 a.m. in Mumbai after rising as much as 0.4% and falling as much as 0.3%. The NSE Nifty 50 Index was also flat after swinging between the same range.

India’s central bank this week starts long-term repo operations to inject $14 billion into the financial system as part of measures aimed at lowering corporate borrowing costs.

Strategist View

Slow domestic growth will be an “overhang” on markets, said Abhimanyu Sofat, head of research at IIFL Securities Ltd. “It will require central bankers to stimulate the economy.”

The Numbers

  • Fourteen of the 19 sector indexes compiled by BSE Ltd. fell, led by a gauge of oil and gas stocks
  • Oil and Natural Gas Corp. had the largest drop on the Sensex, falling 2.9% after reporting quarterly profit slid by half; Titan Co. gained the most, rising 2%

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