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

India: equities extend gain

Indian stock indices ended slightly higher on Friday, October 3.

The local market opened at record highs as the financial sector logged solid gains, while healthcare and O&G names corrected lower after a multi-session rally. The BSE Sensex closed in the green for the fifth week in a row.

Notably, the Indian market has enjoyed strong demand recently after the government’s decision to go ahead with the bank recapitalization plan, while also drawing support from local players’ upbeat quarterly earnings.

By the close, the Nifty 50 rose 0.28% to 10,462.50, and the BSE Sensex increased 0.33% to 33,685.56.

In the blue-chip universe, SBI, Tata Motors and IndusInd Bank outperformed the broader market, while the session’s outliers included Power Grid, Sun Pharma and Bharat Petroleum.

The USD/INR pair weakened 0.07% to 64.548. The 10-year Indian government bond yield widened 0.03% to 6.862%.

Telecom operator Bharti Airtel surged 4%, extending the gains in the stock, which has already returned almost 80% YTD.

In the mining sector, Vedanta shed 0.8% by the close, paring intraday gains as the company released quarterly earnings yesterday, showing a 47% increase in profit. 

Glenmark Pharmaceuticals sank 3% as quarterly earnings disappointed investors.

The daily chart shows that the BSE Sensex appears overheated and can be expected to break through a local wedge, correcting lower in the short term.