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India: Nifty 50 oversteps key level

Indian stock indices ended little changed on Tuesday, July 25, although benchmarks flirted with all-time highs in intraday trading, with the Nifty 50 topping the key 10,000 mark.

This Asian country’s equities apparently drew support from a strong start to the 2Q earnings season, with total corporate profits in the recent releases estimated to have increased 11%. Meanwhile, the Indian market looks technically overheated, raising concerns among the investment community.

By the close, the Nifty 50 ticked down 0.02% to 9,964.55, while the BSE Sensex was unchanged at 32,245.87.

In the currency market, the USD/INR pair eased 0.01% to 64.377. The 10-year Indian government bond yield widened 0.23% to 6.429%.

In the blue-chip universe, the country’s largest motorcycle maker Hero outperformed, adding 0.5% ahead of quarterly earnings.

HDFC Bank rose 1.4% on the back of upbeat quarterly performance and rating upgrades from Morgan Stanley and Jefferies analysts, but pared gains by the close.

Telecom infrastructure provider Bharti Infratel increased 1.7% despite worse-than-expected quarterly results.

From a technical standpoint, the BSE Sensex does not look set for a turnaround in the short term.