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

India: benchmarks sink into the red

The Indian stock market slipped into the red on Tuesday, November 7 due to rupee weakness and oil price strength. High-tech names outperformed the broader market, while pharmaceuticals, metals and banking equities were out of favor.

Recapping the benchmarks, the Nifty 50 retreated 0.97% to 10,350.15, and the BSE Sensex eased 1.07%, settling at 33,370.76.

By 10:59 GMT, the USD/INR currency pair firmed 0.65% to 65.018, while EUR/INR added 0.23% to 75.2033. The 10-year Indian government bond yield stood at 6.929%.

In the energy sector, Reliance Industries took a beating, plunging 2.79%.

Meanwhile, pharmaceutical player Lupin tanked 16.9% as the media reported that the US FDA will conduct inspections at two of the company’s manufacturing facilities.

Indian airlines were out of luck amid rising oil prices. Specifically, InterGlobe Aviation and Jet Airways gave up 2.74% and 3.66%, respectively.

As noted above, high-tech names were well bid with Infosys and Tata Consultancy Services gaining 2.89% and 1.67%.

The daily chart shows that the Indian BSE Sensex has been trading near the lower line of a rising band, while the Slow Stochastic Oscillator has long been in overbought territory. As a result, the benchmark can be expected to break through the lower end of the band in the short term.