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India: benchmarks correct down

Indian equities ended lower on Tuesday, June 6, correcting down after yesterday’s record highs.

High-tech names outperformed the broader market, while automotive, O&G, healthcare and metals equities were out of favor.

Recapping the benchmarks, the Nifty 50 slipped 0.39% to 9637.15, and the BSE Sensex eased 0.38%, settling at 31,190.56.

By 10:35 GMT, USD/INR traded up 0.18% to 64.443, while EUR/INR edged up 0.08% to 72.4820. The 10-year Indian government bond yield stood at 6.644%.

Jewelry stocks retreated after Monday’s rally, with PC Jeweller, Gitanjali Gems and Titan Company sliding 4.41%, 3.90% and 4.48%, respectively.

The session’s laggards included technology firm ITC (off 2.02%).

Adani Enterprises was well bid, soaring 8.98% on reports it intends to launch the Carmichael, a USD 16.5 bn coal project in Queensland, Australia, as the Board made the final investment decision.

The daily chart shows that the BSE Sensex has seen a bearish engulfing pattern shapiong up, while Slow Stochastic Oscillator has been in overbought territory for a long time. Consequently, we expect the index to move further southward in the short term. 


AAPL, Apple Inc.