The Indian stock market pushed higher on Monday, November 7, capping a 5-day decline as the FBI closed the Hillary Clinton email probe. Support came also from rising oil prices.
By the close, the Nifty 50 gained 0.75% to 8,497.05, while the BSE Sensex 30 added 0.68% to 27,458.99.
On the Nifty 50, Lupin and Aurobindo Pharma outperformed the broader market, spiking 6.97% and 5.36%, respectively. On the other side of the spectrum, Tata Consultancy and Bharti Infratel retreated 2.77% and 2.65%, respectively.
The BSE Sensex 30 leaders included Lupin and SBI, surging 6.93% and 4.06%. Among the decliners, Tata Consultancy and Larsen & Toubro dropped 2.18% and 1.34%, respectively.
On the currency market, the USD/INR pair inched down 0.09% to 66.736, and EUR/INR eased 0.73% to 73.87. The 10-year bond yield fell 0.1% to 6.835%.
ICICI Bank, India’s second-largest lender by assets, surged 3.13% ahead of a quarterly earnings release.
Generics producer Lupin soared 6.97% after US regulators cleared the company's Goa facility, which contributes about 50% to Lupin's US sales . Punjab National Bank shot up 6.57% on the release of fiscal 2Q earnings.
Dena Bank sank 3.59% even though quarterly profit totaled INR 44 mn compared to INR 38.8 mn a year earlier.
PNB Housing Finance shot up 16% during the first day of trading amid a USD 450 mn IPO.
From a technical point of view, the BSE Sensex 30 is trading within a falling band. Stochastic lines look oversold, so a rebound towards 28,000 can be expected.