Indian stocks sprint as traders await key economic data
10:55, 12 November 2021
Indian shares gained the most in two weeks to finish higher on Friday, with the benchmarks darting 1.28% each through the day, ahead of the release of key economic data on manufacturing output and retail inflation.
The National Stock Exchange’s (NSE) Nifty50 index closed at 18,102.75 points and the S&P BSE Sensex ended at 60,686.69 points. For the week, the Nifty50 and the Sensex advanced 1.44% and 1.34% respectively.
- The Nifty IT index, a basket of 10 technology firms including Larsen & Toubro Infotech, rose 2.1%
- The Nifty Realty index, comprised of 10 builders including IndiaBulls Real Estate, climbed 1.65%
The “Nifty made a bullish bar today,” said ThincRedBlu Securities’ chief executive Gaurav Udani in a note to his clients, which was emailed to Capital.com.
“However volumes on daily charts were lesser than its average. Aggressive traders can consider (buying) on dips with a strict stop loss, while others should wait for a volume confirmation. The Nifty has resistance in 18,150-18,200 points range and support in 17,950-18,050 range,” he added.
The Indian rupee was trading 0.19% lower to the US dollar, to INR74.46 at 16:16 hours local time (UTC:5:30).
On the Nifty50
Shares of software developer Tech Mahindra, Aditya Birla Group firm Hindalco Industries, and software exporter Wipro were the top gainers, adding 4.06%, 3.12% and 2.99% respectively.
But stocks of two- and three-wheeler giant Bajaj Auto, Tata Group firm Tata Steel, and the nation’s leading two-wheeler manufacturer Hero Motocorp were the biggest losers, shedding 2.93%, 0.99% and 0.59% respectively.
On the Sensex
Tech Mahindra, the country’s leading mortgage provider Housing Development Finance Corporation (HDFC), and software major Infosys were the biggest gainers, adding 4.06%, 2.99%, and 2.74% respectively.
Bajaj Auto, Tata Steel, and India’s third-largest private lender Axis Bank, were the biggest losers, shedding 3.04%, 0.93%, and 0.36% respectively.