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

​India: indices sink despite rise in banking stocks

Indian equities showed negative performance on Thursday, November 17, although growth in the banking sector provided support.

Currently, there is still uncertainty about the impact of the Indian government’s recent actions on the country's economy after it withdrew 500- and 1000-rupee banknotes from circulation.

By the close, Nifty 50 index fell 0.39% to 8,079.95, and the index BSE Sensex 30 ended 0.27% lower at 26,227.62.

On the Nifty 50, Tata Motors and Hindalco Industries outperformed the broader market, surging 3.7% and 3.56%, respectively. On the other side of the ledger, Ambuja Cements and Bharti Airtel sank 3.78% and 3.58%, respectively.

The BSE Sensex 30 gainers included Motors and Power Grid, advancing 3.21% and 2.66%%, respectively. Among the decliners, Bharti Airtel and Bajaj Auto dipped 4.26% and 2.55%, respectively.

On the currency front, the USD/INR pair eased 0.3% to 67.804, while EUR/INR was up 0.08% at 72.762. The 10-year bond yield reached 6.434%.

Engineering company Bharat Heavy Electrical picked up 1.4% after analysts of HSBC Global Research upgraded their rating on the stock from Hold to Buy.

The banking sector was well bid, with Axis Bank and State Bank of India adding 0.45%.

Machine-building names underperformed, in particular, motorcycle maker Hero MotoCorp retreated on concerns about a lower demand for its products.

IT companies HCL Technologies and Wipro dropped over 2%.

From a technical standpoint, a falling trend is forming towards 26,000 on the BSE Sensex 30 chart. Stochastic lines are sell-friendly, so the benchmark still holds downside potential.