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​India: markets close near three-week highs

On Tuesday, May 17, Indian benchmarks closed higher, setting three-week highs on the back of gains in the banking sector and higher oil prices.

The Nifty 50 ticked up 0.38% to 7,890.75, while the BSE Sensex 30 climbed 0.47% to 25,773.61.

On the Nifty 50, Punjab National Bank, Eicher Motors and NTPC underperformed the broader market, each retreating over 1.5%. Oil&NaturalGas,AXISBankand Housing Development Finance paced the gains, each adding over 2.5%.

On the BSE Sensex 30, NTPC andHindustanUnilever were out of luck, while Oil & Natural Gas, AXIS Bankand Housing Development Finance stood out among the advancers.

On the currency market, USD/INR shed 0.14% to 66.818, while EUR/INR edged down 0.05% to 75.641. The 10-yearbondyieldtotaled 7.458%.

Gas producer GAIL India picked up 1.74%, the most in the last two weeks.

Axis Bank surged 3.47%, hitting a high since October 27.

India’s largest mortgage lender Housing Development Finance increased 2.65%, landing in the green for the second session in a row.

Motherson Sumi Systems spiked 8.40% after saying its net profit climbed 22% in the quarter ended March.

Piramal Enterprises soared 4.9% after reporting net profit of Rs 180.24 crore.

Sobha Developers was 0.51% higher on news it may announce a share repurchase program after the board of directors’ meeting due to be held on May 19.

From a technical standpoint, the BSE Sensex 30 is consolidating within a range of 25,500-25,800. Stochastic lines are pointing north, and more upside is likely in the vicinity of 26,000.