The Indian stock market closed higher on Thursday, with traders favoring real estate, consumer goods and autos.
The National Stock Exchange’s NIFTY 50 index closed 0.82% higher at 17,790.35. Likewise, the S&P BSE SENSEX ended up 0.82% to 59,677.83.
The NIFTY Realty Index, made up of 10 stocks, including the country’s largest homebuilder DLF, zoomed in on 6.16%. The NIFTY Durable Consumer Goods Index, made up of 15 stocks, including the kitchen appliance giant TTK Prestige, jumped 5.28%. The NIFTY Auto index, composed of 10 stocks including the tire manufacturer MRF, jumped 4.39%.
Winners and losers
The Indian rupee was trading flat against the US dollar at 5:59 p.m. Indian time (UTC + 5:30).
On the HELLO, shares of Tata Motors and jewelry retailer Titan Industries were among the top gainers, adding 12.63% and 10.54%, respectively. Rival vehicle maker Mahindra and Mahindra (M&M) rose 4.93%.
Energy giant Oil & Natural Gas, drugmaker Dr Reddy’s Laboratories (DRL) and mining giant Coal India were the main losers, losing 4.46%, 1.3% and 0.965% respectively.
On the SENSEX, shares of Titan, M&M and leading national automaker Maruti Suzuki India were the biggest gainers, adding 10.69%, 5.32% and 4.04% respectively.
Among the biggest losers were DRL, insurance provider Bajaj Finserv and the country’s largest mortgage lender, Housing Development Finance, losing 1.31%, 0.87% and 0.71% respectively.
Central bank policy
During months, The central bank of India injected money into the economy to help it recover from the pandemic. But now all that extra cash threatens to stoke inflation at a time when soaring global energy costs are already putting upward pressure on prices.
The Reserve Bank of India will most likely keep the benchmark interest rate at an all-time high of 4%, economists told Capital.com earlier today.
Read more: India’s service sector activity increases for second month
Ready to start?
Capital Com is an execution-only service provider. The material provided on this website is for informational purposes only and should not be construed as investment advice. Any opinion that may be provided on this page does not constitute a recommendation of Capital Com or its agents. We make no representations or warranties about the accuracy or completeness of the information provided on this page. If you rely on the information on this page, you do so entirely at your own risk.