(Bloomberg) -- India stocks rose, tracking regional peers, as global liquidity continued to flow into the nation’s equities even as coronavirus cases continue to increase.

The S&P BSE Sensex advanced 0.3% to 38,478.30 as of 9:41 a.m. in Mumbai, while the NSE Nifty 50 Index climbed 0.4%. The Sensex had halted its longest run of gains in three weeks on Wednesday.

Foreign investors have bought net $3 billion of local shares this month through August 11, set for the fourth consecutive monthly net inflows since the withdrawal of $8.4 billion in March and April, data compiled by Bloomberg show.

“Indian equities are still being driven largely by global factors as the rising and high correlation of returns between India and the world tell us,” Ridham Desai and Sheela Rathi, analysts with Morgan Stanley India Co. Pvt Ltd., wrote in a note. “The next major market move is likely to be sourced from abroad.”

As earnings season continues, 25 of the 38 Nifty 50-member companies that have announced results so far have beaten or matched estimates. Tata Steel Ltd., Hero MotoCorp Ltd., Eicher Motors Ltd. are scheduled to announce results later in the day.

The Numbers

  • Fourteen of 19 sector indexes compiled by BSE Ltd. advanced, led by a gauge of metal companies
  • Tata Consultancy Services Ltd. contributed the most to the Sensex gain and had the largest move, increasing 1.5%
  • Bharti Airtel Ltd. was the biggest drag on the index and had the biggest drop, declining 3%

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