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India: benchmarks slide amid political turmoil

SENSEX, BSE Sensex

The Indian stock market showed negative performance on Wednesday, July 9, taking their cue from other global markets amid heightened geopolitical tension after the US and North Korean leaders exchanged threats.

Recapping the benchmarks, the Nifty 50 eased 0.71% to 9,908.05, and the BSE Sensex closed 0.68% lower at 31,797.84.

By 10:41 GMT, the USD/INR currency pair firmed 0.18% to 63,807, while EUR/INR traded up 0.14% to 74.9359. The 10-year Indian government bond yield narrowed to 6.458%.

In sectoral terms, durable goods suppliers and real estate stocks logged gains, while telecom and financial as well as automotive names underperformed the broader market.

On the NSE, the session’s frontrunners included Hindalco, Vedanta and Infosys, which advanced 1.9%, 0.8% and 0.6%, respectively. In the bear camp, Aurobindo Pharma, Adani Ports and Cipla slid 5.9%, 4.2% and 2.9%, respectively.

Automakers took a hit, with Tata Motors, Bajaj Auto, Exide Industries and Motherson Sumi shedding 3.2%, 2.8%, 3.3% and 2.3%, respectively.

Sun Pharmaceutical Industries plunged 5.2% as its subsidiary Taro Pharmaceutical Industries reported that quarterly profit fell over two-fold to USD 54.5 mn.

The daily chart shows that the BSE Sensex continues to trade within a rising band. Considering where the Slow Stochastic Oscillator is pointing, the benchmark is likely to move further towards the lower end of the pattern.