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

India: stocks kick off the week lower

Indian stock indices reverted to a correction on Monday, August 7 after rallying to record highs last week. Trading was impacted by losses in IT names, which were somewhat offset by gains in Tata Steel ahead of a quarterly earnings release.

Recapping the benchmarks, the Nifty 50 ticked down 0.09% to 10,057.40, and the BSE Sensex closed 0.16% lower at 32,273.67.

By 10:58 GMT, the USD/INR currency pair firmed 0.10% to 63,821, while EUR/INR traded up 0.45% to 75.93033. The 10-year Indian government bond yield widened to 6.449%.

In sectoral terms, automakers, pharmaceutical, metals and capital goods stocks logged gains, while telecom and IT names underperformed the broader market.

On the NSE, the session’s top performers included ICICI Bank, Adani Ports and Indian Oil Corporation, which advanced 1.3%, 1.9% and 2.9%, respectively. In the bear camp, Tata Motors and Asian Paints shed 1.3% and 0.7%.

As noted above, IT companies took a hit, with Tata Consultancy and Infosys retreating 0.7% and 1.6%, respectively.

Tata Steel surged 4.2% as investors expect upbeat earnings for the three months ended in June.

The daily chart shows that the BSE Sensex has bounced off the upper line of a rising band, while the Slow Stochastic Oscillator and the RSI are pointing south. As a result, the benchmark is likely to head further towards the lower end of the pattern in the short term.