India stocks rose ahead of the central bank’s interest rate decision.
The S&P BSE Sensex gained 0.3% to 40,297.99 as of 9:28 a.m. in Mumbai, while the NSE Nifty 50 Index advanced by the same magnitude. Both measures are set for their best week since early June and close to erasing year-to-date losses.
The rate decision scheduled at 10 a.m. local time is expected to see borrowing costs held at a record low as inflation remains elevated.
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“An accommodative stance remains positive for sentiment,” said Kranthi Bathini, an investment adviser at WealthMills Securities Pvt. in Mumbai.
Read: India’s ‘Dovish’ RBI Faces Stubborn Inflation: Decision Guide
Signs of recovery in the economy may get a boost this month with an expected pick up in consumer spending as India heads into its annual festive season. With earnings season underway, Wipro Ltd. and Infosys Ltd. may give some guidance when they report results next week.
- Sixteen of 19 sector indexes compiled by BSE Ltd. rose, led by a gauge of metal companies.
- Infosys Ltd. contributed the most to the Sensex advance, increasing 1.1%, while Tata Steel Ltd. had the largest gain, rising 2.2%.
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