Indian Stocks
0
All posts from Indian Stocks
Indian Stocks in Indian Stocks,

India: benchmarks end in the green

The Indian stock market showed positive performance on Wednesday, July 12, mainly on the back of gains in energy names that took their cue from rising oil prices.

That said, risk appetite was subdued ahead of industrial output data for May and inflation data for June. The Nifty 50 firmed 0.31% to 9,816.10, and the BSE Sensex closed 0.18% higher at 31,804.82.

By 10:20 GMT, the USD/INR currency pair ticked down 0.01% to 64.530, and EUR/INR was 0.09% lower at 73.9667. The 10-year Indian government bond yield narrowed to 6.455%.

In sectoral terms, IT names underperformed the broader market, while capital goods suppliers, pharmaceutical and healthcare stocks logged gains.

On the NSE, the session’s frontrunners included Bharti Infratel, Ambuja Cements and Hindustan Unilever which advanced 2.55%, 2.29% and 2.04%, respectively. In the bear camp, M&M, Hero MotoCorp, Aurobindo Pharma shed 0.97%, 0.79% and 0.75%.

As noted above, energy names outperformed, with Reliance Industries and Oil and Natural Gas Corporation adding 1.12% and 1.62%, respectively.

Alcohol makers locked in gains as an Indian court explained that alcohol sale prohibition concerns out-of-town highways only. Specifically, Globus Spirit and Tilaknagar Industries soared 4.27% and 13.78%, respectively.

Meanwhile, CCL Products plunged 3.94% as net income fell 33% for the quarter ended in June.

The daily chart shows that the BSE Sensex continues to hover above the upper line of Bollinger bands, while the Slow Stochastic Oscillator and the RSI remain in overbought territory. As a result, a corrective downturn can be expected in the short term.