India's NSE index gained 0.4 percent, rising for a tenth consecutive session, its longest winning streak since September 2007, as shares of capital goods firms rose ahead of the fiscal budget next month and oil retailers benefited from a slump in crude prices. The gains, late in the session, helped the indexes recover from earlier declines when Coal India fell as much as 5.1 percent on concerns the government's stake sale, due on Friday, would be at a discount to the stock's current market price.
The NSE index rose 0.43 percent to 8,952.35. The index gained in each of the ten trading sessions since the Reserve Bank of India unexpectedly cut interest rates before markets opened on January 15. That is the longest streak since the 11 days of gains from September 18 to October 3, 2007. Still, the NSE failed to reach a record high as it did in each of the previous six sessions.
The benchmark BSE index gained 0.41 percent to 29,681.77. Capital good shares gained on expectations the sector would benefit from action taken by the government at its fiscal budget due on February 28. Bharat Heavy Electricals Ltd gained 3.1 percent. Oil retailers such as Bharat Petroleum Corp gained 3.9 percent and Hindustan Petroleum Corp added 6.6 percent after crude hit a near six-year low.