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Indian Stocks Rise On Weak US Inflation Data, Boosted By IT And Pharmaceutical Sectors.

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Indian Stocks Rise On Weak US Inflation Data, Boosted By IT And Pharmaceutical Sectors.

(CTN News) – India’s top stock index rose on Wednesday, led mainly by the IT and pharmaceuticals sectors, after weak U.S. inflation data. The NSE Nifty 50 index rose 0.1 % to 19,811.85 points, while the SandP BSE Sensex rose 0.1 % to 66,023.2 points.

There will be no major concerns in the Indian Inflation market in the near future, said Jaykrishna Gandhi, head of business development for institutional equities at Emkay Global Financial Services.

He also mentioned that the Nifty 50 might face resistance near 19,800 points given the recent rally. The Nifty index has risen 2% since November 1 on the release of weak US inflation data, indicating whether the Federal Reserve will raise interest rates further.

IT companies in the.NIFTYIT index rose 6.3% in six days of trading and also rose 0.7 % intraday. Likewise, the NIPHARM pharmaceutical index rose by 0.63% on the day, with the total increase in six trading days reaching 3.70%.

Indian pharmaceutical companies are currently well positioned due to positive developments in the US generics market, Macquarie Inflation Financial said. Among the 50 Nifty winners, Cipla ( CIPL.NS ) stands out.

On the other hand, Bharat Petroleum Corporation ( BPCL.NS ) rose 3.63% to become the top gainer on the Nifty index.

The oil marketing company also said it plans to declare an interim dividend after the market closes on Tuesday, November 29th. On the other hand, the most heavily weighted financial institutions with.NIFTYFIN, banks with.

NSEBANK, private banks with.NIFTTVBNK and public banks with.NIFTYPSU posted losses ranging from 0.2% to 1.2%, limiting overall gains.

Analysts say the recent downturn in the Inflation financial sector can be attributed to the Reserve Bank of India’s decision to tighten regulations on personal loans and credit cards. This had a particularly negative impact on small-cap stocks, which fell 1.21%.

On the other hand, mid-cap stocks closed up 0.3 %. Vinod Nair, head of research at Geojit Financial Services, noted that due to some upcoming IPOs, investors have shifted to the primary Inflation market, leading to gains across the market.

SEE ALSO:

Jack Ma Halts Alibaba Stake Reduction Due To Share Value Decline.

 

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