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Indian Stock Update: Market Holds Gains, Going Green

MUMBAI, India – The Indian stock market held its previous on Thursday, following as more sectors are starting to turn green during the day’s trading session.

Under the benchmark Nifty 50 index, the Eicher Motors stayed as the top gainer for the day, while the top loser was Vedanta. Nifty Auto was also tracking a 1% increase during the day.

On Thursday’s trading session, Sensex already recorded a 0.27% increase as of 12:59 ISM, gaining around 110.47 points towards 41,667.03. The Nifty 50 index was optimistic mid-trade as well, advancing by 0.24% and adding 30 points to settle at 12,252.

The majority of the win for the Nifty 50 index on Thursday was boosted by the share price increase of Eicher Motors, M&M, Hero Motocorp, Bharti Infratel, and TCS. On the other hand, the index’s top losers for the day include Sun Pharma, YES Bank, Bharti Airtel, Grasim, and Vedanta.

Overall, the Nifty indexes stayed mixed for the day. The Nifty Auto was the best-performing index with its 1.05% advance, which then followed by the Nifty FMCG index, Nifty IT, and the Nifty Bank with their modest gains for the day. On the other hand, the top losers among Nifty indexes are the Nifty Pharma index, marking a 0.57% decline.

The share of the largest state-owned iron ore miner in India, NMDC, also gained by around 3% for the day, recording its 52-week high on the NSE, set at Rs 124.40 points. The share increase for NMDC followed the announcement from the firm saying that it had obtained a thumbs-up to increase the output of Kumaraswamy iron ore. According to the company, the approval will take effect from 2020 to 2021.

On the other hand, the share price of Havells India, a major electrical equipment maker in the country dropped more than one perfect intraday, following the report that CLSA will cut its stock’s price target by around 5%, because of weak performance for the 3rd quarter.

The CLSA slashed the price target from Rs 770 to Rs 730, while continuing to maintain its optimistic call on the stock’s performance.

According to the brokerage house, the changes in the strategy and the competitive degree has affected Lloyd’s profitability. It further stated that the significant lag in the realty sector has negatively affected the growth rates when it comes to the core categories for the first half of FY20.

In the bigger picture, according to Raamdeo Agrawal of MOFSL, the economy of India is not under a big crisis, predicting that the momentum of the country’s economy will start picking up in the next four to five years.

Indian Stock Update: Market Holds Gains, Going Green