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​India: markets move slightly lower

On Friday, May 6, Indian equities closed in negative territory, while automotive, high-tech and utility companies underperformed the market. Notably, marketsclosedslightlylower.

The Nifty 50 eased 0.03% to 7,733.45, while the BSE Sensex lost 0.13% to 25,228.50.

By 11: 13 am GMT, USD/INR ticked down 0.01% to 66.570, while EUR/INR climbed 0.19% to 76.0760. The 10-yearbondyieldslid 0.05% to 7.431%.

GE Shipping retreated 3% after saying its profit dropped in the three months ended March 31.

Aarti Drugs contracted 3% on the back of negative financial results.

India’s largest steel company by market capitalization Jindal Steel & Power was 2% lower on news it was looking to sell a number of assets.

Diamond Power outperformed the broader market, rising 2% on news its board of directors will consider reorganization of the business.

From a technical standpoint, on the daily chart the BSE Sensex continued to trade near the 24,870 support level. Slow stochastic lines are about to exit oversold territory. Given the above, the index is likely to head higher in the near term.