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

India: BSE Sensex 30 tops 32,000

Indian stock indices turned in positive performance on Thursday, July 13. Notably, market participants think that the country’s central bank is likely to cut the key interest rate at its next policy meeting on the back of weak inflation data. To remind, the CPI picked up 1.54% in June, while analysts, on average, expected 1.70%.

In addition, the May industrial output came in at 1.7% vs. the 1.9% consensus forecast, while manufacturing output increased 1.2%.

By the close, the Nifty 50 advanced 0.77% to 9,891.70, and the BSE Sensex 30 was 0.73% higher at 32,037.38.

On the Nifty 50, Yes Bank and ITC outperformed the broader market, surging 4.39% and 3.01%, respectively. Indian Oil and Oil & Natural Gas were out of luck, sliding 2.97% and 2.43%.

Among the BSE Sensex 30 gainers, ITC and ICICI Bank stood out, advancing 3.03% and 1.71%. On the other side of the spectrum, Oil & Natural Gas and Asian Paints dropped 2.30% and 0.75%.

On the currency market, the USD/INR pair firmed 0.1% to 64.44, and EUR/INR dipped 0.23% to 73.4092. The 10-year Indian government bond yield reached 6.451%.

Consumer names were well bid, with tobacco maker ITC surging 3.01%.

Software developer Tata Consultancy Services added 0.2% ahead of the earnings release for the quarter ended in June.

Real estate player Phoenix Mills shot up 11.5% to a 12-month high.

From a technical standpoint, the BSE Sensex 30 is trading within a rising band, with the price effectively reaching the upper line. Stochastic lines are on the buy side, but are in overbought territory already, so the uptrend seems to be petering out.