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India: benchmarks kick off week higher

$SENSEX, BSE Sensex / D

Indian stock indices delivered positive performance on Monday, December 4, taking their cue from Asian markets that rose on news that the US Senate passed the tax bill. Moreover, the local market drew support from some corporate news.

In sectoral terms, pharmaceutical and banking names underperformed the broader market, while metals, media and IT stocks as well as FMCG suppliers logged gains.

Recapping the benchmarks, the Nifty 50 edged up 0.06% to 10,127.75, and the BSE Sensex advanced 0.11% to 32,869.72.

By 10:56 GMT, the USD/INR currency pair firmed 0.14% to 64,415, while EUR/INR traded down 0.57% to 76.2832. The 10-year Indian government bond yield widened to 7.089%.

Software provider Infosys surged 2.8% on expectations that earnings will recover and company founders will come to terms as new CEO Salil Parekh takes up office.

In the automotive sector, Tata Motors picked up 1.2% as local car sales soared 58% in November.

Pharmaceutical player Biocon spiked 15.0% on news that it gained US FDA approval for a cancer drug developed jointly with Mylan.

The daily chart shows that a bullish flag is shaping up on the BSE Sensex, while the benchmark has approached the lower line of Bollinger bands. As a result, an upturn can be expected in the short term.