Mumbai: The BSE benchmark index, or Sensex, climbed for a third day after the government announced additional measures to trim the current account deficit and support the nation’s currency. The rupee rallied. ICICI Bank Ltd, the nation’s biggest private lender, rose the most since 28 June, while HDFC Bank Ltd jumped 3%, the largest advance in two weeks. Infosys Ltd, India’s second- biggest software services company, climbed to the highest level in four months, while Wipro Ltd jumped to a 13-year high. The 30-share BSE benchmark index ended 1.49%, or 282.86 points, up at 19,229.84, the highest close since 1 August. The National Stock Exchange’s 50-share Nifty rose 1.55%, or 86.90 points, to 5,699.30. The government increased import duties on gold and platinum to 10% from 8% and boosted the levy on silver to 10% from 6%, the ministry of finance said on Tuesday. The rupee reversed an earlier loss, rising to 61.0175. The currency sank to record low of 61.8063 per dollar on 6 August. Shares of HDFC Bank surged 3% to Rs.620.50. Shares of ICICI Bank rose 2.9% to Rs.892.55. Mortgage lender Housing Development Finance Corp. Ltd (HDFC) added 2.9% to Rs.791.95. Infosys increased 2.6% to Rs.3,083.60, the highest level since 13 April. Wipro jumped 2.8% to Rs.467.6, the highest close since April 2000. Mahindra and Mahindra Ltd, India’s largest maker of tractors and sport-utility vehicles, advanced 1.5% to Rs.873.75. The company reported on Tuesday that net income excluding units increased to Rs.938 crore in the three months ended 30 June, surpassing the Rs.850 crore median of 39 analyst estimates compiled by Bloomberg. The stock rose as much as 4.3% before the announcement. Shares of Hindalco Industries Ltd fell 2.8%, paring a decline of as much as 4.6%, after the nation’s second largest aluminium producer reported a better-than-expected 12% increase in first-quarter profit, aided by a falling rupee and lower raw-material costs. Shares of NTPC Ltd jumped 4.01% to Rs.143.85 apiece. Shares of Oil and Natural Gas Corp. Ltd (ONGC) lost 0.97% to Rs.274.95 apiece. Shares of Financial Technologies India Ltd (FTIL) fell 0.44% to Rs.169.50 apiece, while those of Multi Commodity Exchange of India Ltd (MCX) fell 4.99% to Rs.266.60 apiece. Tata Steel Ltd, India’s biggest producer, rose 2.1% to Rs.241.40. The steelmaker may say on Tuesday that net income dropped to Rs.1,250 crore from Rs.1,360 crore in the first quarter last year, according to 10 analysts surveyed by Bloomberg. About 44% of Sensex companies that have reported earnings so far for the June quarter missed analyst forecasts. That compares with 27% for the three months ended March and 43% in the quarter through December, data compiled by Bloomberg show. The Sensex has lost 1% this year and trades at 13.5 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s 10.2 times. International investors sold a net $55 million of Indian shares on 8 August, a second day of outflows, data from the regulator show. That pared this year’s inflow to $12.5 billion, the second-biggest among 10 Asian markets tracked by Bloomberg. Finance minister P. Chidambaram said on Monday the government will ease rules governing overseas commercial borrowings and certain deposit programmes for non-residents to spur capital inflows. The Index of Industrial Production (IIP) for June contracted 2.2% versus a decline of 1.6% in May. The Consumer Price Index (CPI) inflation stood at 9.64% in July, slightly lower than June’s 9.87%. Bloomberg

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