September is turning out to be a good month for Indian shares, as key stock indexes extended gains in the last four sessions. Monday was a market holiday.
The BSE Sensex gained 2.4 percent, while the broader Nifty rose nearly 3 percent as foreign institutional investors (FIIs) extended buying into Indian equities. A recovery in the rupee, which posted its best week in 15 months, also boosted sentiment.
Profit-taking dented markets mid-week as caution also prevailed ahead of a series of macroeconomic events scheduled next week, including August inflation data due on Monday and the likelihood of U.S. Fed’s decision to announce a reduction in its monetary policy stimulus. RBI will review its policy on September 20.
Here are the top gainers and losers of the week:
Larsen & Toubro (L&T): Shares of India’s largest engineering and construction conglomerate surged during the week, ending 10.6 percent higher as the best Sensex performer. The stock outperformed the BSE capital goods index during the same period, which rose 8 percent.
On Friday, capital goods shares gained after data on Thursday showed industrial production unexpectedly rebounded in July. Capital goods production rose for the first time in four months in July, posting annual growth of 15.6 percent.