Indian Shares Modestly Gain Amid Mixed Global Cues

Indian stocks gained slightly as the market reacted to weak U.S. jobs data and anticipates upcoming economic data. Financials and FMCG sectors saw significant growth while ONGC and other stocks fell due to declining oil prices.

Date: 09-09-2024

AI Rating: 6

The Indian stock market displayed modest gains on Monday, driven by a rise in financial sectors and fast-moving consumer goods (FMCG) stocks, despite a cautious sentiment due to weaker global cues influenced by U.S. job data.

The benchmark BSE Sensex rose by 375.61 points (0.46%) to reach 81,559.54, while the NSE Nifty index gained 84.25 points (0.34%), closing at 24,936.40. Notably, financial institutions such as ICICI Bank and Hindustan Unilever were among the leading gainers, showcasing a 2-3% increase. In contrast, the share prices of major decliners like ONGC fell nearly 3%, attributed to significant drops in oil prices which have reached their lowest level since 2021.

Investors are carefully watching upcoming data on domestic industrial production and retail inflation. These figures are expected to significantly influence future decisions by the Reserve Bank of India (RBI) regarding monetary policy. The overall market conditions reflect a cautious approach as participants are awaiting critical macroeconomic indicators that could provide direction. The focus on international economic data—such as the U.S. inflation metrics—alongside potential rate decisions from the European Central Bank (ECB) and the Federal Reserve (Fed)—further emphasizes the interlinked global outlook impacting investor confidence.

Stocks: ICICI HINDUNILVR ONGC