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

​India: BSE Sensex 30 enters bull market

On Tuesday, July 12, India’s major equity indices closed in the green on the back of gains in the banking sector. Investors snapped up shares in public utilities. Notably, the BSE Sensex 30 has rebounded 20% from its February low, a signal pointing to a bull market.

In addition, Tata Consultancy Services kicks off the reporting season this week.

Recapping the benchmarks, the Nifty 50 edged up 0.63% to 8,521.05, while the BSE Sensex climbed 0.66% to 27,808.14.

Among the best performers on the Nifty 50, Hindalco Industries, ICICI Bank and Tata Steel ended 2% higher. Among the underperformers, Tata Power, Cipla, Coal India declined 1.2%.

On the BSE Sensex, Tata Power, Cipla, Coal India stood among the worst performers. Hindalco Industries, ICICI Bank and Vedanta were among the advancers.

In the currency market, the USD/INR pair ticked down 0.02% to 67.14, while the EUR/INR rose 0.49% to 74.595. India’s 10-year government bond yield reached 7.321%.

Power Grid and India’s major energy company NTPC extended a four-day winning streak.

Lenders Axis Bank and ICICI Bank outperformed the broader market, rising 3.05% and 4.74%, respectively.

Steelmaker Tata Steel spiked 4.63% to a seven-day high.

Maruti Suzuki India jumped 2.27% to a six-month high.

Technically, the BSE Sensex is trading within an ascending wedge, approaching its upper bound at 27,800. Stochastics are pointing north and are in overbought territory, so upside potential is limited.