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India: investors take a breather

The Indian stock market showed mixed performance on Friday, June 27 as investors took profit, seeing no reason for more buying after regional benchmarks hit record highs for several sessions in a row.

In addition, market participants were disappointed by earnings of Yes Bank, a major Indian lender. Notably, Indian Oil Corporation and ICICI Bank are due to release their earnings by the end of the day.

In sectoral terms, commodity, industrial, healthcare and utility names as well as capital goods suppliers logged gains, whereas energy, telecom and O&G equities underperformed the broader market.

Recapping the benchmarks, the Nifty 50 ticked down 0.20% to 10,323.05, and the BSE Sensex closed 0.03% higher at 33,157.22.

By 10:24 GMT, the USD/INR currency pair eased 0.16% to 64,990, while EUR/INR traded up 0.02% to 75.5810. The 10-year Indian government bond yield widened to 6.828%.

Yes Bank sank 7.3% as it reported an increase in NPLs for the quarter ended in September.

Meanwhile, beverage maker United Spirits shot up 17.6% on upbeat quarterly earnings. Other beverage industry players United Breweries, GM Breweries and Radico Khaitan followed suit, spiking 4.8%, 10.0% and 3.4%, respectively.

The daily chart shows that the BSE Sensex continues to trade near the upper line of Bollinger bands, while the Slow Stochastic Oscillator remains in overbought territory. Consequently, a downturn can be expected in the short term.