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India: equities land in positive territory

Indian stock indices turned in marginally positive performance on Thursday, November 9 on the back of gains in the telecom and energy sectors.

The local market drew support from rising oil prices, while banking and pharmaceutical stocks came under pressure.

By the close, the Nifty 50 edged up 0.06% to 10,308.95, and the BSE Sensex 30 was 0.08% higher at 33,573.22.

On the Nifty 50, Indiabulls and Bosch outperformed the broader market, surging 3.29% and 2.09%, respectively. ITC and Coal India were out of luck, sliding 2.02% and 1.67%.

Among the BSE Sensex 30 gainers, Bharti Airtel and Asian Paints stood out, advancing 2.39% and 2.08%. On the other side of the spectrum, ITC and Coal India dropped 2.0% and 1.70%.

On the currency market, the USD/INR pair eased 0.06% to 64.995, and EUR/INR added 0.15% to 75.389. The 10-year bond yield reached 6.929%.

In the oil refining segment, Hindustan Petroleum shed 0.74% ahead of releasing 2Q earnings.

Petronet LNG advanced 3.08% as quarterly profit increased 28.1%.

Pidilite Industries soared 5.72% as quarterly profit rose 9%, beating expectations.

Lenders Housing Development Finance and IndusInd Bank posted losses.

From a technical standpoint, the BSE Sensex is forming a corrective movement near 32,500. Stochastic lines are on the sell side at this point, so the benchmark still holds downside potential.