(Bloomberg) -- Indian stocks rose, with the benchmark gauge set to snap its longest string of losses since early August.

The S&P BSE Sensex climbed 0.6% to 37,944.90 as of 10:19 a.m. in Mumbai, while the NSE Nifty 50 Index advanced 0.5%. Both measures gained after four days of losses.

Reliance Industries Ltd. boosted the two indexes as shares of India’s most valuable company jumped after it said KKR & Co. will invest $754 million in its retail unit. Deals by the conglomerate have made it the biggest driver of recent gains in the local equity market.

Still, the Sensex and Nifty are headed for their first monthly loss in four as coronavirus cases in India continue to surge.

“We have a large negative trigger at the back of our minds in terms of Covid and it’s implications,” said Deepak Jasani, head of retail research at HDFC Securities Ltd. in Mumbai.

Meanwhile, some equity funds may be diverted by a revival in initial public offerings. Computer Age Management Services Pvt. Ltd.’s 22.4-billion rupee ($305 million) offering and Chemcon Specialty Chemicals Pvt. Ltd. 1.65-billion rupee sale both close today, while stock broker Angel Broking Ltd.’s 3-billion rupee IPO closes Thursday.

The yield on India’s benchmark 10-year bonds fell one basis point to 6.00%, while the rupee was little changed at 73.56 per dollar.

The Numbers

  • Fifteen of the 19 sector sub-indexes compiled by BSE Ltd. gained, led by a gauge of energy companies
  • Twenty of the Sensex constituents rose while 10 fell

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