India Stocks Extend Gains, Hong Kong Stocks Near 14-month Low

Arjun Pandit
11 Dec, 2023
Mumbai

Stocks in Mumbai traded higher in choppy trading, and market indexes attempted to build gains on solid advances from previous weeks.

The Nifty index and the Sensex index advanced 0.2%, and benchmark indexes extended gains amid mixed markets in Asia.

In Monday's trading, small and mid-cap indexes continued to lead large-cap indexes and gained more than 0.4%.

Asian markets were mixed, and indexes in Hong Kong and Shanghai dropped 2% and 0.6% after consumer prices in China fell by 0.5% in November, the steepest decline in three years.

The Hang Seng index in Hong Kong declined to the lowest level in fourteen months on the worry that China's deflation will drag earnings down.

Market indexes in Tokyo advanced 1.5% after local reports suggested that the recent comments from Bank of Japan Governor Kazuo Ueda were taken out of context about the ending of the ultra-loose monetary policy earlier than estimated.

In Friday's trading, market indexes in New York jumped after nonfarm payrolls in November rose 199,000, faster than 150,000 in October.

The strength of the labor market raised hopes that the U.S. Federal Reserve has more wiggle room to engineer soft landing while bringing inflation down to its target rate of 2%.

 

India Indexes and Yields

The Sensex index increased 130.34 points to 69,955.46, and the Nifty index rose 31.30 points to 21,000.55.

On the Mumbai stock exchange, 177 stocks traded at their 52-week highs and 15 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds held firm at 7.28%, and the Indian rupee hovered near ₹83.37 against the U.S. dollar.

The gold price decreased by 0.3% to ₹61,445 per ten grams, and silver fell by 0.3% to ₹72,335 per kilo.

Crude oil increased by 0.8% to ₹5,983 per barrel, and natural gas fell by 5.8% to ₹204.60 per thermal unit.

 

India Stock Movers

Banks were in focus in Monday's trading, and State Bank of India advanced 0.7% to ₹618.30, HDFC gained 0.2% to ₹1,656.0, Bank of Baroda jumped 2.2% to ₹216.80, and Canara Bank advanced 2.2% to ₹447.85.

Pharmaceutical stocks traded down after rallying in the previous three weeks.

Dr. Reddy's Laboratories declined 5.5% to ₹5,452.0, Aurobindo Pharma dropped 2% to ₹997.50, Cipla decreased 0.9% to ₹1,208.35, and Sun Pharma dropped 0.3% to ₹1,231.05.