Listless Trading In India Stocks, Growth Outlook Revised Higher

Arjun Pandit
28 Nov, 2023
Mumbai

Stocks in Mumbai lacked direction in listless trading, and investors looked ahead to the release of economic growth and infrastructure investing data on Thursday.

The Sensex index and the Nifty index hovered near the flatline after investors returned from a three-day holiday.

S&P Global revised its economic growth outlook for the current fiscal year to 6.4% from the previous estimate of 6.0%.

However, the rating agency also lowered its fiscal 2025 growth outlook by 50 basis points to 6.0%.

In overnight trading, benchmark indexes in New York edged lower after stocks advanced for four weeks in a row in the hopes of a stable rate outlook.

 

India Indexes and Yields

The Sensex index decreased 15.51 points to 65,954.51, and the Nifty index rose 19.10 points to 19,811.95.

On the Mumbai stock exchange, 185 stocks traded at their 52-week highs and 22 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds edged up to 7.25%, and the Indian rupee weakened to ₹83.37 against the U.S. dollar.

The gold price increased by 0.1% to ₹61,638 per ten grams, and silver fell by 0.2% to ₹74,680 per kilo.

Crude oil decreased by 0.2% to ₹6,274 per barrel, and natural gas rose by 1.6% to ₹248.70 per thermal unit.

 

India Stock Movers

Maruti Suzuki India advanced 0.2% to ₹10,533.20 after the vehicle maker said it plans to increase prices from January 2024, citing increased cost pressure driven by higher commodity prices.

The Steel Authority of India gained 0.6% to ₹89.80 after the steel product maker said it plans to increase the prices of rails for the Indian Railways due to higher commodity prices.

Eicher Motors decreased 0.5% to ₹3,828.75, and the company launched a new motorbike with a starting price of ₹2,69,000.

Newgen Software Technologies advanced 4.7% to ₹1,343.0 after the company announced a 1-to-1 bonus issue to shareholders on record on January 12, 2024.