India’s benchmarks record best day in six weeks

MUMBAI: India’s benchmark indexes logged their best day in six weeks on Tuesday, closing near one-month highs, as investors scooped up cheaper stocks on hopes that the market has bottomed out.

The Nifty 50 closed 1.45% higher at 22,834.30, while the BSE Sensex rose 1.53% to 75,301.26.

The MSCI Asia ex-Japan equity index jumped 1.3% on optimism over China’s economy.

The Nifty 50 logged losses for five months in a row starting October - its longest monthly losing streak in 29 years. The index is up 3.2% in March so far, trimming its losses since late September to 13.1% from 16.4%.

“Nifty’s rebound from 22,000 to 22,750 signals a crucial inflection point, with short-covering adding to the momentum,” said Kranthi Bathini, director of equity strategy at Wealthmills Securities.