Send me real-time posts from this site at my email
Indian Stocks

India: indices close trendless

Indian stocks showed mixed performance on Wednesday, September 13 as trading in local equities largely lacked direction.

Market participants priced in yesterday’s macro data release, according to which the country’s inflation climbed to 3.4%, a five-month high, thus lowering the odds of a rate cut by the central bank next month.

Notably, Indian stocks have been trending higher since Monday on the back of easing concerns over North Korea, which did not go ahead with a widely expected ballistic missile test over the weekend. 

By the close, the Nifty 50 advanced 0.14% to 10,079.30, and the BSE Sensex added 0.09% to 32,186.41.

The Nifty 50 flirted with record highs in intraday trading, drawing support from investor demand for pharmaceutical and banking names, but pared gains and eventually closed in the red.

In the blue-chip universe, Sun Pharmaceuticals, Reliance and Tata Power outperformed the broader market, while the session’s outliers included ITC, Cipla and BPCL.

The USD/INR pair weakened 0.04% to 63.99. The 10-year Indian government bond yield widened 0.32% to 6.578%.

Tata Motors picked up 1.3% after reporting higher car sales in August.

Capital First surged 3% as the Reserve Bank of India raised the foreign investment limit.

From a technical standpoint, the BSE Sensex has broken out of a triangle and continues to head higher, still holding upside potential near the resistance level at 32,650.