Indian Stocks Close Higher Despite Weakness in Global Markets
Indian stock market closed higher on Monday despite weakness in the U.S. market and other major Asian stock exchanges. Indian markets have been moving with global indices but due to fears of trade war between the U.S. and China, Dow Jones has remained highly volatile during the last two weeks. Indian markets are now looking at quarterly results as the next trigger. As investors shrug off the U.S. and China trade war issue, local factors will be important to watch for Indian stocks.
Among major sectors, banking stocks have witnessed buying interest at lower levels. Some banking stocks are available at multiple year lows due to high NPAs and recent banking frauds. In many cases, public sector banks haven’t been able to recover their dues from non-performing accounts. Still, investors are considering long term bets on some public sector banks.
Pharmaceutical stocks were trading higher during the early trading session but towards the end of the day, most of pharmaceutical counters ended flat.
Technology stocks could see renewed buying interest in coming days. Infosys and TCS results will be announced soon and stock specific movement can be seen.
Infrastructure and real estate stocks were trading flat on Monday. Among major gainers were Axis Bank, HPCL, BPCL, Hindalco and Titan Company.
Among major losers were Zee Entertainment, Lupin, Tata Motors and Infosys.