Bloomberg News

Indian Stocks Climb to One-Month High in Special Diwali Trading

By Rajhkumar K Shaaw October 23, 2014

 

 

 

Indian stocks advanced, sending the benchmark index to a one-month high in a shortened trading session. Energy companies led the increases. 

Oil & Natural Gas Corp., India’s largest state-owned oil explorer, climbed for the first time in three days. Reliance Industries Ltd., owner of the world’s largest refining complex, rose to a one-week high. Bajaj Auto Ltd. (BJAUT) rallied to a record. Wipro Ltd. (WPRO), India’s third-biggest software exporter, fell the most in two weeks after its profit missed estimates. 

The S&P BSE Sensex increased 0.2 percent to 26,851.05 in special Diwali trading in Mumbai, a fifth day of gains and the highest since Sept. 22. The gauge rallied 2.8 percent this week. Stocks rose this week, ending four weeks of decline, amid expectation Prime Minister Narendra Modi will accelerate policy changes to boost economic growth.

Modi ended price curbs on diesel, raised natural-gas tariffs and moved closer to ending the state’s monopoly on mining and selling coal to cut subsidies and narrow the fiscal deficit.