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India: negativity from RBI news fades away

On Monday, June 20, Indian benchmarks showed positive performance after negativity on the back of news from the Reserve Bank of India dissipated. To remind, the bank said its head Raghuram Govind Rajan will step down when his term expires in September 2016.

Raghuram Govind Rajan was appointed the head of the Indian regulator in September 2013. His policies helped strengthen the rupee, lower inflation in India and increase currency reserves to a record high.

The Nifty 50 climbed 0.84% to 8,238.50, while the BSE Sensex 30 added 0.91% to 26,866.92.

Vedanta (+4.86%), Tata Steel (+3.32%), and Ambuja Cements (+2.59%) outperformed the broader market.

Axis Bank (-0.84%), Cairn India (-0.51%), and Asian Paints (-0.81%) stood out among the notable decliners.

India’s major engineering company Larsen & Toubro rose 1.6% for the first time in the last three sessions.

Carmaker Tata Motors logged upside for the fifth consecutive session.

Software producers topped the advancers, with Tata Consultancy Services and Infosys each rising 2%.

On the currency market, USD/INR increased 0.53% to 67.416, while EUR/INR jumped 1.03% to 76.3810.

The India VIX, a volatility index based on the Nifty 50 index option prices, was 0.97% higher at 17.5175.

On the daily chart, the BSE Sensex 30 consolidated near 26,625. Technically, the trend is mixed, and investors are advised to watch for clearer signals.