MUMBAI • India’s benchmark equity index joined peers in Asia to rise yesterday amid optimism company profits for the quarter through December will show further improvement.

The S&P BSE Sensex gained 0.5% to 33,965.79 as of 10:16am in Mumbai yesterday, snapping the last two sessions of declines. That came after a record close on the last trading day of 2017.

All 19 sectoral sub-indexes compiled by BSE Ltd advanced, led by a gauge of metal companies.

Adani Ports and Special Economic Zone Ltd and ICICI Bank Ltd were the best performers on the main measure.

A gauge of volatility for stocks also dropped after a three-day gaining streak.

“With earnings, budget and state elections scheduled this year, market is bound to see swings — but we don’t see any major downside risk to the momentum,” said Gaurang Shah, head investment strategist at Geojit Financial Services Ltd in Mumbai.

“With companies showing a turn-around in the last quarter, we expect improvement in earnings to a great extent.”

Companies will start announcing results for the October-December period from next week. — Bloomberg