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India: the market take a breather

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.