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​India: investors take profit

On Thursday, April 28, Indian benchmarks headed south on the outcome of the BoJ and Fed meetings.

To remind, the Fed maintained its interest rate at the previous level, in line with expectations, while the Bank of Japan unexpectedly failed to introduce any changes to its monetary policy, disappointing investors and stoking a sell-off on Asian markets.

The Nifty 50 lost 1.66% to 7,847.25, while the BSE Sensex 30 retreated 1.77% to 25,603.10.

Among the Nifty 50 components, Vedanta, HCL Technologies, and Hindalco Industries underperformed the broader market, each losing over 4.3%. YesBank andIdeaCellular led the outperformers, each climbing over 1.1%.

On the BSE Sensex 30, Vedanta, Housing Development Finance, and Hindalco Industries were out of luck, while TataConsultancyandAxisBank led the gainers.

On the currency market, USD/INR inched up 0.43% to 66.506, while EUR/INR rose 0.51% to 75.546. The 10-yearbondyieldreached 7.444%.

Tobacco company ITC was off 3.19% to touch a low since March 22.

India’s leading power plant equipment maker Bharat Heavy Electricals slid 2.15%, setting a low since April 8.

Software supplier HCL Technologies dipped 4.50% after reporting revenue of INR 107 bn, slightly above the median consensus.

Courier company Gati picked up 0.76% after reporting net profit in the quarter ended March of INR 155.4 mn compared to INR 113.4 mn a year earlier.

India’s largest mobile carrier by subscription base Bharti Airtel ticked down 0.10% even as the company released earnings results that overshot the median consensus.

From a technical standpoint, a rising wedge is shaping up on the chart, while the price has almost reached its lower bound near 25,500. Stochastic lines are in overbought territory, which means the index may break out of this pattern to the downside.