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Indian Stocks

​ India: indices turn green

India’s stock market showed positive performance on Thursday, November 15, amid a rebound in oil prices.

Notably, India’s October trade balance is due out during the second half of the day.

Recapping the benchmarks, the Nifty 50 advanced 0.38% to 10,616.70, while the BSE Sensex closed 0.34% higher at 35,260.54.

Best performers on the BSE Sensex 30 included Adani and Kotak Mahindra Bank, which surged 4.19% and 2.61%, respectively. Among the decliners, Yes Bank and NTPC plunged 7.42% and 2.16%.

On the Nifty 50, Adani and Titan Company stood out among the session’s leaders, surging 4.28% and 3.29%. Tech Grasim Industries and Yes Bank underperformed, sinking 8.02% and 7.44%.

In the currency market, the USD/INR pair traded down 0.08% to 72.145, while EUR/INR eased 0.53% to 81.35. The 10-year government bond yield stood at 7.746%.

Lender Yes Bank tanked 9% on news about resignation of its non-executive Chairman.

High tech names outperformed the broader market. India’s second-largest software exporter Infosys gained 1.3%.

Bank names were also well bid. HDFC Bank and Kotak Mahindra Bank was up more than 0.5%.

Grasim Industries sank over 7% after reporting a quarterly loss.

From a technical standpoint, the BSE Sensex 30 has consolidated in the narrow range of 34,800-35,300. Stochastic lines are buy-friendly, but have already approached overbought territory. As a result, upside potential is limited.