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

​India: bullish sentiment on rising oil

On Friday, 12 August, key Indian stock markets finished in the green amid rising oil that headed towards its 2.5-week highs after yesterday's statement by the Saudi Arabian oil minister. Specifically, Ali al-Naimi confirmed that oil producers would discuss the market situation and take necessary measures.

Energy names turned out to be among the best performers, including Reliance Industries and Cairn India.

On the macro agenda, investors are advised to watch for the country’s weekly report on currency reserves that is due out after the bell. To remind, the Indian currency reserves totaled USD 365.50 bn a week earlier.

The Nifty 50 Index advanced 0.93% to 8,672.15, while the BSE Sensex added 1.05% to 28,152.40.

By 10:45 GMT, the USD/INR pair firmed 0.21% to 66.89, while the EUR/INR traded up 0.31% to 74.5810. The 10-year government bond yield rose a mere 0.07% to 7.08%.

Reliance Industries and Cairn India firmed 2.14% and 2.81%, respectively, on rising oil prices.

Meanwhile, cement manufacturer JK Lakshmi Cement lost 2.99% of its market cap despite an increase in quarterly earnings.

Notably, metallurgical, automotive, industrial, banking, financial, and telecom stocks outperformed the broader market, while high-tech names topped the decliners.

From a technical standpoint, the BSE Sensex Index, while trading within a rising wedge for a long time, has bounced off its lower line, while the Slow Stochastic Oscillator and the RSI are bull-friendly. As a result, the index could move towards the upper bound of the pattern in the short term.