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India: downbeat sentiment prevails

Key Indian stock indices landed in negative territory on Friday, December 1 amid retreating oil prices and reports that the country’s budget deficit, as of end October, reached 96% of the plan for the full fiscal year ending in March 2018. Moreover, yesterday’s national GDP data missed expectations. Specifically, India’s 3Q GDP increased 6.3% y-o-y, while analysts, on average, projected 6.4% y-o-y after 5.7% y-o-y in the previous quarter.

Recapping the benchmarks, the Nifty 50 sank 1.02% to 10,121.80, and the BSE Sensex slipped 0.95%, settling at 32,832.94.

By 10:45 GMT the USD/INR pair weakened 0.09% to 64.535, while the EUR/INR eased 0.10% to 76.6910. The 10-year Indian government bond yield stood at 7.062%.

Banking names underperformed the broader market. In particular, State Bank of India and ICICI Bank slid 2.33% and 0.73%, respectively.

Meanwhile, Indiabulls Housing Finance plunged 3.8% after a five-day winning streak.

The session’s outperformers included automotive stocks, which drew support from encouraging November car sales. In the upshot, Maruti Suzuki India and Mahindra & Mahindra gained 0.18% and 0.17%, respectively.

The daily chart shows that the BSE Sensex has approached the support level in the vicinity of 32,693, while the Slow Stochastic Oscillator has just left overbought territory. As a result, the benchmark can be expected to break through this level in the short term.