MUMBAI: India’s stock benchmarks notched their third straight monthly gain on Friday driven by improving earnings, expectations of domestic and US rate cuts and eased valuations, and ended near record highs ahead of the economic growth data. The Nifty 50 ended 0.05 percent lower at 26,202.95 and Sensex lost 0.02 percent to 85,706.67.
Both benchmarks hit all-time highs on Thursday after 14 months. They rose about 2 percent each in November, gaining about 7.3 percent over three months.
“The recent breakout after a long consolidation reflects strengthening earnings, demand tailwinds from tax cuts, supportive monetary policy, benign inflation and steady economic growth,” said Amnish Aggarwal, analyst at PL Capital.
India’s economy likely stayed resilient in the July-September quarter, with GDP growth estimated at 7.3 percent year-on-year, driven by robust demand, according to a Reuters poll.
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