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​India: markets mixed

On Friday, April 29, India’s equity markets closed slightly higher.

Markets experienced numerous gyrations, with the Sensex shifting from positive to negative territory and vice versa over 10 times.

Investors sold off financials as the country’s largest bank released sluggish quarterly results. Meanwhile, commodity companies delivered sluggish growth.

The Nifty 50 ticked up 0.03% to 7,849.80, while the BSE Sensex was 0.01% higher at 25,606.62.

Among the blue chips, Cipla, Vedanta, HDFC Bank, Tata Power and some other companies outperformed the broader market, while Idea Cellular, HCL Technologies, Bank of Baroda and others showed the biggest decline.

USD/INR edged down 0.04% to 66.375. The 10-year bond yield rose 0.17% to 7.456%.

ICICI Bank retreated 1.3% after releasing a quarterly report. Notably, the bank’s net profit dropped 75% to INR 7 bn (USD 105 bn), several-fold below the median consensus. Otherfinancialindicatorsalsoshrankconsiderably.

India’s leading copper and aluminum supplier Vedanta surged 4% after releasing a report for the previous quarter. Revenue excluding some items came in at INR 9.55 bn, considerably above the median consensus of INR 5.63 bn.

IT company HCL Technologies sank 6.2% after profit and sales unexpectedly missed expectations.

Drugmaker Lupin increased 2% on news it added one more drug to its line of products sold on the US market.

From a technical standpoint, on the daily chart the gauge continues to move within a mid-term rising trend, and it is not likely to break out of this level in the short term.