Mahindra & Mahindra Ltd., India’s largest maker of tractors, gained 1.1 percent as the nation’s agriculture secretary said wheat production may advance to a record for a fourth year. ITC Ltd. (ITC), a consumer goods company, climbed the most in two weeks. Larsen & Toubro Ltd. (LT), the nation’s largest engineering company, advanced 1.1 percent.
The Bombay Stock Exchange Sensitive Index, or Sensex, gained 42.63, or 0.2 percent, to 18,308.66 at the 3:30 p.m. close in Mumbai, with two stocks rising for each one that fell. The MSCI Asia Pacific Index climbed 1.1 percent, gaining for the first time in five days, after a Chinese industrial production report exceeded economists’ forecasts.
“It looks like a monsoon rally,” said Arun Kejriwal, a director at Kejriwal Research & Investment Services Pvt. in Mumbai. “Support from other Asian markets has helped. But investors are still skeptical as inflation, interest rates and economic slowdown concerns are still there.”
The Sensex has lost 11 percent this year, the most among benchmark Asian gauges tracked by Bloomberg, amid concern higher borrowing costs will crimp earnings. The Reserve Bank of India may boost borrowing costs on June 16 for the 10th time since mid-March 2010 to curb inflation, 15 of 17 economists in a Bloomberg survey said.
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