Indian Economy Regains Power Amid Global Recession

After the market closed on Monday, Indian equities rose as increases in the power, banking, and public sector undertakings sectors drove up stock prices.

The Nifty 50 index increased 0.73% at the NSE close, while the BSE Sensex 30 index increased 0.85%. State Bank of India (NS: SBI), which increased 3.19% or 16.80 points to conclude trading at 544.000 on the Nifty 50, was the session’s top performer. AXIS Bank Ltd (NS:AXBK) was up 2.00% or 16.00 points to 816.50 in late afternoon, and Bajaj Finserv Ltd (NS:BJFS) gained 2.09% or 35.30 points to close at 1,723.60. Hindalco Industries Ltd. (NS: HALC), which lost 2.08% or 8.25 points to end at 388.90, was the worst-performing stock of the day.

JSW Steel Ltd (NS:JSTL) down 1.30% or 8.30 points to 631.95, and Larsen & Toubro Ltd (NS:LART) dropped 1.42% or 27.20 points to finish at 1,884.40.

Shares Moving Higher Than Expectations

State Bank Of India (BO: SBI), which increased 3.20% to 543.90 on the BSE Sensex 30, NTPC Ltd (BO: NTPC), which increased 1.88% to end at 168.10, and Bajaj Finserv Ltd (BO: BJFS), which increased 1.80% to conclude at 1,718.80, were the top performers. The poorest performers were Wipro Ltd (BO: WIPR), down 0.60% to 375.05 at the close, HCL Technologies Ltd (BO: HCLT), down 0.77% to conclude at 994.75 and Larsen & Toubro Ltd (BO: LART), down 1.45% to 1,883.80 in late trade.

On the India National Stock Exchange, declining equities exceeded rising ones by 1049 to 797, and 69 stocks closed unchanged; on the Bombay Stock Exchange, 1872 declined, and 1505 increased, while 157 stocks remained steady.

Shares of Wipro Ltd. (BO: WIPR) decreased by 0.60% or 2.25 to 375.05. This is a 52-week low. The India VIX, which gauges Nifty 50 option implied volatility, increased 0.88% to 18.42. The price of gold for December delivery increased by 12.10 percent, or 0.73%, to $1,661.00 per troy ounce. In other commodity trades, the December delivery price of crude oil increased by 0.64% or 0.54 to $85.19 per barrel, while the December Brent oil contract increased by 0.63% or 0.58 to $92.21 per barrel.

While EUR/INR increased 0.30% to 80.26, USD/INR decreased 0.02% to 82.32. At 112.85, the US Dollar Index Futures was down 0.31%.

The post Indian Economy Regains Power Amid Global Recession appeared first on FinanceBrokerage.