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India: benchmarks extend downtrend

The Indian stock market ended another session in the red on Tuesday, November 14, coming under pressure from weak macro data as well as losses in IT and banking names.

Notably, the country’s CPI stood at 3.58% y-o-y in October vs. 3.46% y-o-y expected and 3.28% y-o-y a month earlier, while the WPI came in at 3.59% y-o-y compared to 3.01% y-o-y projected and 2.60% y-o-y in September.

Recapping the benchmarks, the Nifty 50 slid 0.38% to 10,186.60, and the BSE Sensex retreated 0.28%, settling at 32,941.87.

By 10:40 GMT, the USD/INR currency pair slipped 0.13% to 65.365, while EUR/INR firmed 0.42% to 76.6670. The 10-year Indian government bond yield stood at 6.975%.

As noted above, IT and banking stocks were among the session’s worst performers. Specifically, Tata Consultancy Services, Infosys and ICICI Bank gave up 1.77%, 0.30% and 0.10%, respectively.

Meanwhile, Bharti Infratel plunged 4.46% on reports that Nettle Infrastructure Investments, a subsidiary of Bharti Airtel, has negotiated to sell an equity stake in the company for INR 26.17 bn.

Repco Home Finance was well bid, soaring 6.53% as profit rose 22% in the last quarter.

The daily chart shows that the BSE Sensex has broken through the lower line of a rising band and is extending the downtrend, while the Slow Stochastic Oscillator is pointing south. As a result, the benchmark still holds downside potential in the short term.