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India: benchmarks kick off month at record highs

$SENSEX, BSE Sensex / D
The Indian stock market logged solid gains on November 1, hitting new all-time highs as local investors took their cue from Asian markets driven by upbeat macro data and encouraging quarterly earnings.

In addition, Indian benchmarks drew support from the World Bank’s Ease of Doing Business Index, in which the country rose 30 notches to 100th position, thus raising expectations of a higher FDI inflow into the Indian economy.

In sectoral terms, metals, telecom, banking and real-estate names logged gains, while utility, energy, IT and healthcare stocks as well as durable goods suppliers underperformed the broader market.

Recapping the benchmarks, the Nifty 50 rose 1.02% to 10,440.50, and the BSE Sensex firmed 1.17% to 33,600.27.

By 10:29 GMT, the USD/INR currency pair eased 0.19% to 64,585, while EUR/INR traded down 0.31% to 75.1678. The 10-year Indian government bond yield widened to 6.879%.

Mobile operator Bharti Airtel, owned by billionaire Sanil Bharti Mittal, soared 8.4% as net profit for fiscal 2Q ended on September 30 totaled INR 3.43 bn (USD 52.98 mn), beating the INR 3.03 bn consensus forecast.

JSW Steel advanced 2.4% on the back of positive quarterly earnings.

The daily chart shows that a bullish opening maribozu pattern has shaped up on the BSE Sensex. However, the benchmark has approached the upper line of Bollinger bands, while the Slow Stochastic Oscillator has long been in overbought territory, so upside potential is limited at this point.