Bloomberg/Mumbai

Indian equities climbed for the first time in three days, capping a fourth weekly advance, as global stocks rallied after the European Central Bank signaled it may boost stimulus.
ITC, the biggest cigarette company, was the best performer on the S&P BSE Sensex. GAIL India Ltd, the largest natural-gas supplier, and Oil & Natural Gas Corp, the largest explorer, climbed at least 1.5% each. NTPC, the top power producer, rose to a two-month high. Axis Bank surged to a one-month high, helping a measure of lenders climb most among 13 sector indexes.
The Sensex rallied 0.7% to 27,470.81 at the close, taking the week’s climb to 0.9%.
Asian stocks joined a global equities rally after ECB President Mario Draghi said policymakers will re-examine the degree of stimulus in December, adding that the quantitative-easing program will continue beyond September 2016 if needed. Indian markets were closed on Thursday for a holiday.
“The ECB has probably been one of the more constructive central banks in understanding the right things to say to provide the markets and the broader economy with comfort,” Adrian Mowat, the chief Asian and emerging-market equity strategist at JPMorgan Chase & Co in Hong Kong, said in an interview with Bloomberg TV India yesterday. “There’s also speculation of little bit more easing from the Bank of Japan.” JPMorgan favors financials, building materials and consumer discretionary companies in India, he said.
The ECB’s willingness to consider adding stimulus comes as reports from the largest economies have highlighted how sliding demand is colliding with the plunge in commodity prices to make central banks’ inflation goals ever-more elusive. The BoJ and Federal Reserve both consider monetary policy next week, with traders offering just a 6% chance of an increase to US rates.
The MSCI All-Country World Index was poisedfor the longest streak of weekly gains since February, and the Stoxx Europe 600 Index climbed a second day.
Wipro, India’s third-biggest software maker, fell 1.8%. Second-quarter earnings climbed 7.7% to Rs22.4bn ($344mn), the company reported after markets closed on Wednesday, matching the Rs22.3bn forecast of analysts surveyed by Bloomberg.
So far, six of the eight Sensex companies that have announced September-quarter results have matched or beaten estimates.
Idea Cellular plunged 7.5%, the most since February 10, 2014, after the carrier’s net income and sales missed estimates. Group profit rose 7% to Rs8.09bn, compared with the median forecast of Rs8.35bn.
GAIL India increased 2.3% to its highest level since August 19. Oil & Natural Gas rose 1.5%. NTPC gained 2.1% to its highest level since August 7.
Meanwhile the rupee gained the most in two weeks on speculation demand for the nation’s assets will stay strong after the European Central Bank signaled it may boost monetary stimulus.
The rupee rose 0.5% from October 21 to 64.8275 a dollar in Mumbai, according to prices from local banks compiled by Bloomberg. It was little changed this week, taking its advance for the month to 1.1%. Indian markets were shut Thursday for a public holiday.
“The outlook for the rupee remains strong amid the prospects for more capital flows into both equity and debt markets,” said Subramanian Sharma, a director at Mumbai-based Greenback Forex Services. “With a number of public issues lined up, the interest in equity markets will improve.”
China’s central bank yesterday cut its benchmark lending rate and reserve requirements for banks, stepping up efforts to cushion a deepening economic slowdown. It also scrapped a ceiling on the deposit rate.