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​India: equities extend gains

Key Indian stock indices ended again in the green on Wednesday, November 23 on the back of encouraging earnings reports from Larsen & Toubro, while an upbeat external news flow also contributed to investor optimism.

The metal&mining, pharmaceutical and automotive sectors underperformed the broader market, while financial, telecom and oil&gas names were out of luck.

By the close, the Nifty 50 added 0.39% to 8,033.30, and the Sensex BSE advanced 0.35% to 26,051.81.

By 10:55 GMT, the USD/INR currency pair firmed 0.18% to 68.516, and EUR/INR also rose 0.18% to 72.8010. The10-yearIndiangovernmentbondyieldcontractedto 6.282%.

Engineering company Larsen & Toubro climbed 2.08% after net profit totaled INR 14.35 bn (USD 209.69 mn) for the three months ending in September, up 84%, while analysts had expected INR 8.55 bn.

As noted above, the pharmaceutical sector outperformed the broader market. In particular, Cadila Healthcare and Tata Consultancy Services advanced 5.62% and 1%, respectively.

Among the underperformers, cellular operator Bharti Airtel retreated 1.12% after announcing that disruptions are possible in the near future as its 3G network is being upgraded.

From a technical standpoint, the benchmark has moved back inside the Bollinger Bands, while the Slow Stochastic Oscillator and the RSI are bull-friendly and are about to exit oversold territory. In light of the above, a correctional upturn can be expected in the short term.