Most Indian Shares Gain Before Inflation Data as Bharti Advances

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Most Indian stocks climbed, helping the benchmark index pare a weekly loss, before the release of wholesale-price inflation data today. Mobile-phone operators climbed, while industrials declined.

Bharti Airtel Ltd. was the best performer on the S&P BSE Sensex (SENSEX), and Idea Cellular Ltd. (IDEA) had the biggest gain in a week, after winning bids for spectrum at a sale. Sun Pharmaceutical Industries Ltd. (SUNP) headed for its highest price in four months. Bharat Heavy Electricals Ltd. (BHEL) lost 2.6 percent, sending a gauge of capital goods companies to a three-month low.

Ten shares climbed for every six that fell on the S&P BSE 100 Index, which added 0.2 percent to 5,992.54 at 10:36 a.m. in Mumbai. Wholesale-price index probably slowed to 5.6 percent growth in January, after gaining 6.16 percent in December, according to a Bloomberg survey.

RBI Governor Raghuram Rajan, who raised the main rate to 8 percent from 7.75 percent on Jan. 28, said that day that further increases were unlikely in the near term should prices cool as he expects. A report this week showed consumer prices fell below 9 percent for the first time since 2012.

State Bank of India dropped 0.4 percent. The country’s top lender by assets may report profit of 25.2 billion rupees for the quarter ended Dec. 31, according to the median estimate of 39 analysts surveyed by Bloomberg.

The CNX Nifty Index on the National Stock Exchange of India Ltd. climbed 0.1 percent to 6,005.5.

Overseas investors bought a net $25.3 million of domestic stocks on Feb. 12, paring this year’s outflows to $304 million, data compiled by Bloomberg show. They invested $20 billion last year, the most in Asia after Japan, and $24.6 billion in 2012, the data show.

The Sensex has dropped 4.5 percent this year and trades at 13.2 times projected 12-month profits, compared with the average multiple of 14.4 over the past five years. The MSCI Emerging Markets Index is valued at 9.2 times.
 

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