MUMBAI: India’s equity benchmarks rose for a fourth consecutive session on Tuesday, with expectations of strong September-quarter earnings and the central bank’s lending reforms boosting the heavyweight financials.
The Nifty 50 ended 0.12 percent higher at 25,108.3, while the BSE Sensex added 0.17 percent to 81,926.75. In four sessions, the indexes have gained about 2 percent.
Twelve of the 16 major sectors advanced on the day. The broader mid-caps and small-caps gained 0.5 percent and 0.3 percent, respectively.
Financials rose 0.2 percent, gaining for a sixth straight session. India’s two largest private lenders and heaviest-weighted stocks, HDFC Bank and ICICI Bank , rose 0.9 percent each.
“The initial updates from lenders indicate that credit growth has started to pick up. This is positive for the financial space,” said Pankaj Pandey, head of retail research at ICICI Securities.
Over the weekend, HDFC Bank reported credit growth of 10 percent, while Kotak Mahindra Bank posted a 15.8 percent growth in loan disbursals during the September quarter.
Non-bank lender Bajaj Finance rose 0.8 percent on the day, adding to Monday’s nearly 2 percent climb, after posting a strong pre-quarterly update.
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