The Indian stock market landed in negative territory on Friday, July 28 on the back of disappointing quarterly earnings, with banking and pharmaceutical names underperforming. Notably, the NSE Nifty added 1% over the last five sessions, growing for the fourth straight week. Recapping the benchmarks, the Nifty 50 ticked down 0.06% to 10,014.50, and the BSE Sensex eased 0.23%, settling at 32,309.88. By 10:40 GMT, the USD/INR currency pair edged down 0.06% to 64.163, while EUR/INR firmed 0.34% to 75.1372. The 10-year Indian government bond yield stood at 6.441%. Pharmaceutical player Dr.Reddy’s Laboratories plummeted 8.09% after reporting that quarterly profit fell over 50%. ICICI Bank, the country’s third lender in terms of assets, plunged 3.6% after saying that fiscal 1Q profit decreased 8% y-o-y. Mobile operator Idea Cellular ended 3.02% higher, although the stock traded down earlier in the session as the company showed a loss for the third straight quarter. The session’s advancers included tobacco maker ITC, which gained 1.04% after releasing strong financial performance for the last quarter. The daily chart shows that the BSE Sensex is trading within a rising band and has bounced off its upper end, while the Slow Stochastic Oscillator is about to exit overbought territory. As a result, a downturn towards the lower range of the band can be expected in the short term.