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

​India: profit-taking sets in

Leading Indian benchmarks landed in negative territory on Wednesday, September 7. Investors decided to take profit after yesterday’s rally when the NSE Nifty closed at an 18-month high.

Telecom, public utilities and technology plays underperformed, while bank, metal, O&G and automotive stocks outperformed.

Recapping the indices, the Nifty 50 eased 0.28% to 8,917.95, while the BSE Sensex slipped 0.18% to 28,926.36.

In the currency market, by 10:55 GMT the USD/INR firmed 0.18% to 66.378, while EUR/INR edged up 0.02% to 74.6490. The yield on Indian government 10-year bonds fell to 7.055%.

Among the day’s champions, Bharat Heavy Electricals soared 15.56% on the back of higher quarterly net income.

Meanwhile, mortgage lender Housing Development Finance gave up 2.12% after a 7-day rally.

In the bull camp, oil producer Oil India added 2.15% to its market cap despite lackluster financials for three months ending June 30.

From a technical standpoint, the BSE Sensex has broken out of the upper line of Bollinger Bands many times, while the Slow Stochastic Oscillator is in overbought territory. We expect the index to move lower in the short term.