India’s Benchmark Index Sets Record

The S&P BSE Sensex climbed to record levels on strong corporate earnings and gains in Asian markets:  the index rose 0.6 percent to close above 30,000 for the first time; while the NSE Nifty 50 Index, advanced 0.5 percent.

BSE Sensex chart

Seven out of the nine Nifty-listed companies have either met or exceeded their earnings expectations for the January-March quarter, according to data compiled by Bloomberg. Out of the 13 sector indices compiled by BSE Ltd., fast-moving consumer goods surged the most, rising to its highest level since at least 2005. ITC Ltd., was the top performer on the Sensex, rising to a record high.

“Strong company results show that the market has broken away from the shackles of demonetization,” Jitendra Panda, managing director at Peerless Securities Ltd., in Kolkata said. “This milestone for the Sensex was long-awaited and with companies displaying momentum in the numbers, we expect better days ahead,” he added.

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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.

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