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India: indices rise after 5-session losing streak

The Indian stock market turned in positive performance on Monday, August 14 after retreating in the five previous sessions. Friday’s US inflation data release turned out to be quite sluggish, easing concerns about yet another rate hike until year end and raising global risk appetite.

Recapping the benchmarks, the Nifty 50 firmed 0.86% to 9,794.15, and the BSE Sensex closed up 0.75% at 31,449.03.

By 10:41 GMT, the USD/INR currency pair inched up 0.02% to 64,096, while EUR/INR dipped 0.26% to 75.6306. The 10-year Indian government bond yield widened to 6.508%.

In sectoral terms, O&G, metals, energy and real estate stocks logged gains, while IT names underperformed the broader market.

On the NSE, the session’s frontrunners included Cipla, Vedanta and Tata Steel, which surged 5.3%, 3.6% and 4.2%, respectively. In the bear camp, Bosch and Kotak Mahindra shed 2.14% and 0.97%.

Regional banks were among the top performers, with Housing Development Financial and HDFC Bank adding 1.1% and 0.47%.

Real estate developer DLF spiked 16.8% on news that it is finalizing negotiations to sell a 40% equity stake in its real estate leasing business to Singapore-based fund GIC.

The daily chart shows that the BSE Sensex has retraced to the Bollinger bands, while the Slow Stochastic Oscillator is in oversold territory. As a result, the benchmark is likely to extend the uptrend in the short term.

SENSEX, BSE Sensex