(Bloomberg) — India’s benchmark index is testing its longest winning streak since March as some investors gauged the measure has gained too much, too quickly after it closed at a record high Monday.
The S&P Index was little changed at 40,357.13 as of 9:48 a.m. in Mumbai after swinging between gains and losses at least four times following a seven-day winning streak. The NSE Nifty 50 Index was also little changed. The Sensex’s 14-day relative strength index rose to 71, above the level of 70 that some investors read as a signal to sell.
Foreign funds bought more than $2 billion of shares in October, the most in a month since March, according to data compiled by Bloomberg. Nineteen out of 29 Nifty firms that have reported quarterly earnings this season have beaten or matched the average analyst estimate, while one didn’t have enough projections. Tech Mahindra Ltd. and Titan Co. are slated to report their quarterly results later Tuesday.
“The ongoing corporate-earnings season and global developments are likely to dictate the market trend in the coming sessions,” said Ajit Mishra, vice president of research at Religare Broking Ltd. in New Delhi. “After a decent run up over the last few sessions, some consolidation cannot be ruled out in the near term.”
- Thirteen of 19 sector sub-indexes compiled by BSE Ltd. dropped, led by a gauge of technology companies.
- Tata Consultancy Services Ltd. and Infosys Ltd. were among the top losers on the benchmark index; Yes Bank Ltd., which rose after billionaire investor Rakesh Jhunjhunwala bought shares in the lender, and Tata Motors Ltd. were among the top gainers.
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