India stocks trade mixed after faltering at a technical barrier

The S&P BSE Sensex climbed 0.2% to 34,037.95 as of 9:52 a.m. in Mumbai, while the NSE Nifty 50 Index also gained 0.2%.

Rising and falling stocks were evenly matched on the key India indexes, with the benchmark gauge again testing a technical hurdle that it fell back from on Tuesday.

Mumbai, India - March 23, 2020: People walk by screen installed in BSE after the sensex went down, following COVID 19 pandemic in Mumbai, India, on Monday, March 23, 2020. (Photo by Anshuman Poyrekar/Hindustan Times) (Anshuman Poyrekar/HT Photo)

The S&P BSE Sensex climbed 0.2% to 34,037.95 as of 9:52 a.m. in Mumbai, while the NSE Nifty 50 Index also gained 0.2%. Both measures have climbed more than 30% from their lows in March to levels last seen before the coronavirus-related lockdown was imposed.

“We are in a period where it’s best to do more opportunistic, short-term trades until there’s more clarity in the coming months,” said Deepak Jasani, head of retail research at HDFC Securities Ltd. in Mumbai.

The Sensex on Tuesday failed to climb above its 100-day moving average, seen as a key threshold for gauging whether a rally fueled by optimism over India’s economic re-opening can last. The nation’s stocks are still trading nearly 19% below this year’s January peak.

Eleven out of 34 Nifty 50 companies that have reported quarterly results so far have beaten or matched analyst estimates.

The yield on the most traded 6.45% 2029 bond was little changed at 5.99%, while the rupee rose 0.2% to 75.4912 against the dollar.