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​India: equities chalk up gains

On Tuesday, August 30, Indian stocks moved north on the back of high oil prices. The market gained additional traction from an upturn in European benchmarks amid a weakening euro.

The Nifty 50 jumped 1.59% on the day to 8,744.35, while BSE Sensex 30 advanced 1.58% to 28,343.01.

Nifty 50 top advancers were led by Ambuja Cements, Bosch, Grasim Industries (over 3.5%), while the session’s worst performers were Bharti Airtel and Idea Cellular (down 0.6%).

As for BSE Sensex 30 components, Bajaj Auto, Maruti Suzuki, and Hindalco Industries led the advancers, while Bharat Heavy Electricals and Bharti Airtel turned out to be among the day’s worst performers (down 0.04% and 2.82%, respectively).

In the currency market, USD/INR eased 0.10% to 67.033, while EUR/INR tumbled 0.26% to 74.913, and the 10-year government bond yield rose 0.18% to 7.11%.

In corporate developments, Gujarat Mineral Development Corporation spiked 7.88% as Q1 earnings climbed 56%.

Also on the plus side, auto maker Maruti Suzuki India added 2.85% to its market cap after the company said it intends to produce a limited edition of the Swift Deca.

Shares of the third biggest Indian software developer Wipro rose 2.22% as the company entered into a partnership agreement with Master Data Management.

Shares of construction company Ramky Infrastructure surged 3.86% after the company won a tender to build two highways in the State of Jharkhand, eastern India.

DLF shares rose 2.43% after the company announced an 82% jump in quarterly earnings from Rs 155 crore a year ago to Rs 283 crore.

From a technical standpoint, the BSE Sensex 30 is trading higher. Stochastic lines are on the sell side, but are close to reaching oversold territory, so the index is expected to move towards the upper end of the current trading range.