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India: benchmarks rise after bank recapitalization approval

Indian stock indices turned in positive performance on Wednesday, October 25 after the government approved a plan to inject INR 2.11 tn (USD 32.4 bn) into state-run lenders over the next two years.

By the close, the Nifty 50 rose 0.86% to 10,295.35, and the BSE Sensex 30 was 1.33% higher at 33,042.50.

On the Nifty 50, SBI and ICICI Bank outperformed the broader market, skyrocketing 27.69% and 14.69%, respectively. Yes Bank and Kotak Mahindra Bank were out of luck, sliding 5.96% and 5.18%.

Among the BSE Sensex 30 gainers, SBI and ICICI Bank stood out, spiking 27.58% and 14.69%. On the other side of the spectrum, HDFC Bank and House Development Finance Corporation dropped 3.79% and 2.60%.

On the currency market, the USD/INR pair eased 0.29% to 64.995, and EUR/INR picked up 0.07% to 76.608. The 10-year bond yield reached 6.801%.

 Kotak Mahindra Bank saw 5.18% shaved off its market cap as fiscal 2Q 2018 earnings matched expectations.

 Pharmaceutical as well as real estate names came under pressure.

Specifically, Glaxosmithkline Pharmaceuticals shed 1.58% after releasing fiscal 2Q 2018 earnings.

From a technical standpoint, the BSE Sensex 30 has broken out of the 31,100-32,700 side trend. Stochastic lines are on the buy side, but have long been in overbought territory, so the uptrend appears to be petering out.