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​India: equities land in the red

Indian trading closed in negative territory on Friday, September 7, amid declining lenders and carmakers, snuffing out the rally seen earlier.

The Nifty 50 fell 0.96% to 8,866.70, while the BSE Sensex 30 was down 0.85% to 28,797.25.

The outperformers included Oil&Gas Corp (+3.51%), GAIL (+1.61%), and Wipro (+1.41%).

On the downside, Hindalco (-4.38%), UltraTech (-3.93%), and Axis Bank (-2.58%) topped the decliners.

As noted above, lenders underperformed the broader market, with Yes Bank marking the lowest close in a month.

Carmakers were also out of luck. Thus, Tata Motors saw the steepest 2-week drop, while Hero MotoCorp and Bajaj Auto Paper retreated from record highs.

On the currency market, the USD/INR pair rose 0.16% to 66.741, while EUR/INR advanced 0.23% to 75.2060.

Meanwhile, India’s VIX, a volatility index based on the Nifty 50 index option prices, contracted 1.47% to 12.7500, reaching a new 52-week low.

From a technical standpoint, the BSE Sensex 30 is consolidating at 29,045 on the daily chart below. Meanwhile, stochastic lines are in overbought territory and a star pattern has shaped up near the top of the candle chart, so corrective movement cannot be ruled out.