(Bloomberg) -- India stocks swung between gains and losses as investors mulled the outlook for economic growth against corporate risks as the coronavirus continues to spread.

The S&P BSE Sensex was little changed at 36,521.60 as of 9:53 a.m. in Mumbai, after falling as much as 0.1%. The gauge, which rose in the previous four sessions, is close to breaking through its 200-day moving average, a key technical barrier. The NSE Nifty 50 Index was also little changed.

The Sensex is trading at its highest level since early March as signs of economic growth emerge with business gradually reopening from a prolonged lockdown. Still, India’s coronavirus epidemic has become the third biggest in the world as infections surged after containment was eased.

“By all parameters this rally looks overstretched,” said Rajat Bose, an independent market analyst based in Kolkata, “Breaching the 200 day moving average would be a signal to take some money off the table.”

The yield on the benchmark 10-year government bond was little changed at 5.84%. The rupee fell 0.1% to 74.7238 per U.S. dollar.

The Numbers

  • Eleven of 19 sector sub-indexes compiled by BSE Ltd. fell, led by a gauge of utility companies.
  • Fourteen Sensex shares rose while 16 fell.
  • HDFC Bank Ltd. was the biggest drag on the index with a 0.6% decline, Power Grid Corp of India Ltd. was the biggest loser, slipping 2.2%; Infosys Ltd. was the biggest winner and gave the biggest boost to the index with a 2.4% gain.

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