The Indian stock market locked in marginal gains on Tuesday, August 1, drawing support from a number of upbeat corporate earnings releases. Meanwhile, banking names underperformed the broader market ahead of the central bank’s meeting scheduled for tomorrow. The regulator is expected to cut the key rate by 25 bp to 6.0% from the current 6.25%. Recapping the benchmarks, the Nifty 50 advanced 0.37% to 10,114.65, and the BSE Sensex closed 0.19% higher at 32,575.17. By 11:00 GMT the USD/INR pair weakened 0.16% to 64.073, while the EUR/INR dropped 0.43% to 75.6942. The 10-year Indian government bond yield stood at 6.444%. As noted above, banking names were among the session’s worst performers. In particular, State Bank of India, Canara Bank and Bank of Baroda plunged 1.12%, 1.47% and 1.54%, respectively. Automaker Maruti Suzuki gained 1.37% after reporting that car sales increased 21% y-o-y in July. Software provider Tech Mahindra was well bid, soaring 4.30% on the back of better-than-expected quarterly profit. The daily chart shows that the BSE Sensex is trading within a rising band, hovering near 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.