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

​India: market clings to highs

Major Indian stock indices landed moderately in positive territory on Thursday, September 8.

Buying sentiment prevailed today at the Indian stock exchanges after the release of Chinese macro data. In particular, China's imports in dollar terms increased 1.5% y-o-y after a 12.5% y-o-y decline in July, while the contraction in exports slowed down to 2.8% from July's 4.4%.

Strong foreign trade in China lent support to a number of India's sectors, including steelworkers, while Indian leading IT company underperformed the broader market on negative news about its outlook business.

Recapping the benchmarks, Nifty 50 index rose 0.39% to 8952.50, while the BSE Sensex closed up 0.41% to 29,045.28.

In the blue-chip universe, Tata Steel and Hindalco Industries topped the outperformers, while Bharat Heavy Electricals and ICICI Bank stood out among the decliners.

USD/INR dropped 0.10% to 66.418, while the 10-year bond yield fell 0.18% to 7.042%.

Tata Consultancy Services led the hi-tech retreat as this software exporter faced a slowdown in orders from the financial sector. Moreover, its peers Infosys and Wipro were also out of luck.

Oil and Natural Gas Corp advanced 0.8% on better-than-expected financial results in the last quarter.

From a technical standpoint, the Sensex has been trading steadily within a rising band with no clear signals of a potential reversal.