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

India: benchmarks trend marginally higher

Asian stock indices landed in positive territory on Friday, August 4 ahead of the US non-farm payrolls report. However, pharmaceutical names came under pressure.

Notably, data on the country’s foreign exchange reserves are due out later today.

By the close, the Nifty 50 rose 0.53% to 10,066.40, and the BSE Sensex 30 was 0.27% higher at 32,325.41.

On the Nifty 50, Indian Oil and Bharat Petroleum outperformed the broader market, soaring 8.24% and 5.69%, respectively. Dr. Reddy’s Laboratories and Tata Power were out of luck, sliding 3.63% and 2.9%.

Among the BSE Sensex 30 gainers, Coal India and Hero MotoCorp stood out, advancing 3.04% and 3.11%.  On the other side of the spectrum, Sun Pharma and Dr. Reddy’s Laboratories shed 1.85% and 3.76%, respectively.

On the currency market, the USD/INR pair eased 0.07% to 63.68, and EUR/INR ticked up 0.01% to 75.619. The 10-year bond yield reached 6.433%.

Pharmaceutical player Biocon retreated 4.67% as the US FDA found lapses at the company’s Bangalore factory.

Power giant Reliance Industries ended in the red amid profit-taking on long positions after a two-session rally.

Indian Oil spiked 8.24% as 1Q net income beat expectations.

From a technical standpoint, the BSE Sensex 30 is trading within a rising band, with the upper line near 32,600. Stochastic lines are sell-friendly, and also in overbought territory, so a corrective downturn can be expected in the short term.