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

​India: the bears regain the upper hand

On Tuesday, August 2, Indian equities sustained losses, closing in the red for the third straight session. To remind, investors expect the Indian parliament’s upper chamber to uphold a law on the goods and services tax. If the bill is adopted, the Indian economy, as authorities believe, would be rising 1.5-2% faster.

The Nifty 50 Index closed 0.16% lower at 8,622.9, while the BSE Sensex 30 inched down 0.08% to 27,981.71.

Nifty 50 gainers were ITC, HCL Technologies and Bank of Baroda (over 2.4%), while the laggards were led by Auribindo Pharma, and Tata Motors (down over 2.8%).

BSE Sensex 30 losers featured Vedanta, Tata Motors, and Housing Development Finance, while ITC and Maruti Suzuki emerged as the day’s gainers.

In the currency market, the USD/INR pair was down a mere 0.04% to 66.736, while the EUR/INR rose 0.24% to 74.71, and the 10-year government bond yield reached 7.162%.

Among the advancers, Maruti Suzuki India stocks surged 2.46% after the auto maker raised prices for some vehicles.

Tobacco producer ITC and cocoa butter manufacturer Marico were well bid (up 4.07% and 4.38%, respectively).

In the bear camp, drug maker Sun Pharmaceutical Industries retreated 0.81% despite the approval of its new product.

Also on the plus side, Tech Mahindra surged 1.85% as pre-tax profit totaled INR 7.96 bn compared to INR 6.22 bn a year earlier.

Shares of air carrier IndiGo slid 6.2% as its Q1 net profit declined 7.3%.

Tata Communications added 6.2% after the release of better-than-expected financials.

Technically speaking, the BSE Sensex 30 has traded within an ascending wedge. Stochastic lines are on the sell side, so the index is expected to move down towards 27,100.