Home / Business and Economy / Value Buying Lifts Indian Stocks Amidst Global Concerns
Value Buying Lifts Indian Stocks Amidst Global Concerns
13 May
Summary
- Indian equity benchmarks Sensex and Nifty ended their losing streak.
- Metal, consumer durable, and energy stocks led the market gains.
- Concerns remain due to rising crude oil, FII outflows, and rupee weakness.
Indian equity benchmarks, Sensex and Nifty, concluded a four-session losing streak by closing higher on Wednesday. This recovery was fueled by value buying in stocks that had previously experienced declines. The Nifty successfully reclaimed the 23,400 mark, with significant contributions from the metal, consumer durable, and energy sectors.
Despite the positive closing, market sentiment stayed cautious. Key concerns included elevated crude oil prices, ongoing foreign institutional investor outflows, a depreciating rupee, and lingering global inflation worries. The Indian rupee itself touched a new intraday record low of 95.80 against the US dollar during the session.
The broader market indices, including the BSE 150 MidCap Index and BSE 250 SmallCap Index, outperformed the frontline indices, indicating positive market breadth with more shares advancing than declining on the BSE. This suggests underlying strength despite the prevailing macroeconomic headwinds. Several companies reported significant quarterly earnings, with stocks like Larsen & Toubro, MTAR Technologies, Berger Paints India, and Hindustan Petroleum Corporation witnessing notable gains.
