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

India: stocks close higher

Indian equities posted modest gains on Friday, September 2.

Today’s rally on the Indian stock market was spearheaded by automotive names on the back of favorable August auto sales.

Notably, other Asian markets were not so upbeat, with investors awaiting the US August jobs report. Strong numbers will most likely refuel speculation about the Fed’s monetary tightening in September, and equities tend to retreat in light of upcoming rate hikes.

The Nifty 50 finished Friday 0.4% higher at 8,809.65, while the BSE Sensex Index was up 0.38% at 28,532.11.

In the blue-chip universe, the day’s top advancers were Bank of Baroda, Bharti Airtel, Tata Motors, and SBI. On the downside, only Reliance Industries and Hindalco Industries closed in the red.

In the currency market, the USD/INR edged up 0.04% to 66.83, while the 10-year government bond yield fell 0.15% to 7.109%.

In the bull camp, steel maker Bhushan Steel surged 3.6% on news productivity increased at one of its plants.

Акции Mangalore Chemicals & Fertilizers прибавили в цене 6,7% после того, как компания отчиталась о сокращении квартальных убытков.

The outperformers also included Mangalore Chemicals & Fertilizers, which spiked 6.7% after the company reported a drop in quarterly losses.

Machine engineering firm Transformers and Rectifiers India added 1.7% on news the company received a big order from Power Grid Corp Of India.

Automotive giant Tata Motors ended 2.2% higher after Fitch Ratings upgraded its credit rating on Jaguar Land Rover Automotive, with a stable outlook.

Technically, the Sensex Index is trading higher, but it is likely to experience a decline as the benchmark looks overbought.