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​India: indices retreat

Indian benchmarks, along with the others Asian stocks, landed in negative territory on Friday, October 21, weighed down by declining oil prices amid a firming US dollar.

The session's worst performers included metals and mining, banking, finance, energy as well as telecom names, while high-tech and real estate equities were well bid.

By the close, the Nifty 50 inched down 0.07% to 8,693.05, while the BSE Sensex slipped 0.19% to close at 28,077.18.

By 10:50 GMT, the USD/INR pair added 0.03% to 66.876, while EUR/INR was down 0.26% at 72.8500. The 10-year Indian government bond yield fell to 6.838%.

ICICI Bank, Axis Bank and State Bank of India retreated 0.07%, 2.26% and 0.65%, respectively.

Meanwhile, energy company Reliance Industries dropped 2.15% even though quarterly net earnings climbed 43%.

India's third-largest software exporter Wipro advanced 0.77% after signing a preliminary agreement on the acquisition of Appirio. Investors are advised to watch for the Wipro's fiscal second-quarter earnings report, which is due out after the bell.

From a technical standpoint, the BSE Sensex, has been trading within a downward band, approached its upper level, with slow stochastic lines nearing overbought territory. The benchmark is now most likely to push to the lower end of the above band.