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Indian Stocks

India: benchmarks head resolutely higher

Key Indian indices turned in positive dynamics on Tuesday, December 17 as the investment community remains hopeful for a constructive resolution to the US-China trade talks.

In sectoral terms, IT and banking names were the top picks.

Meanwhile, the external backdrop was mixed as Asian equities ended in the green, while European benchmarks were trading moderately lower.

Recapping the benchmarks, the Nifty 50 rose 0.92% to 12,165.00, and the BSE Sensex firmed 1.01% to 41,352.17.

By 10:28 GMT, the USD/INR currency pair increased 0.10% to 70.977, while EUR/INR jumped 0.24% to 79.1940. The 10-year Indian government bond yield narrowed 0.63% to 6.751%.

As noted above, ITS stocks were well bid. In particular, Tata Consultancy Services, Tech Mahindra and Infosys gained 1.8%, 0.5% and 2.2%, respectively.

In the banking sector, both state-owned and private lenders were in favor, with State Bank of India and Yes Bank advancing 0.3% and 1.7%, respectively.

Automaker Tata Motors surged 3.0% on media reports that the company is in cooperation talks with Chinese companies.

Reliance Industries, the country’s largest stock in terms of market capitalization, shed 0.3%, paring earlier gains that were triggered by news that the company sealed a JV deal with BP.

On the daily chart, the BSE Sensex has broken out of the upper line of Bollinger Bands, while the Slow Stochastic Oscillator and the RSI are hovering close to overbought territory. Consequently, a downturn could be in the offing.

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