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India: mixed sentiment prevails

The Indian stock market delivered mixed performance on Wednesday, April 19, with investors primarily focused on quarterly earnings from the banking sector this week. Notably, Indusind Bank released a report today, while Yes Bank and HDFC Bank will issue their earnings statements later this week.

Healthcare, O&G and financial stocks underperformed the broader market, while automotive and utility names stood out among the advancers.

Recapping the benchmarks, the Nifty 50 ticked down 0.02% to 9,103.50, and the BSE Sensex rose 0.06% to 29,336.57.

By 10:37 GMT the USD/INR pair weakened 0.02% to 64.596, while the EUR/INR dropped 0.07% to 69.2744. The 10-year Indian government bond yield stood at 6.856%.

Banking names were among the session’s worst performers. Specifically, Axis Bank, State Bank of India and ICICI Bank shed 0.03%, 2.15% and 1.01%, respectively. IndusInd Bank declined 0.71% despite reporting a 21% y-o-y increase in 1Q net profit to INR 7.52 bn (USD 116.4 mn) compared to INR 6.20 bn a year earlier.

National Aluminium saw 7.76% shaved off its market cap after announcing that the government plans to sell its 10% stake in the company.

Aurobindo Pharma took a beating, sliding 3.65% on reports that the US FDA’s inspection found some lapses at the company’s facilities in Hyderabad. Neuland Labs and Natco Pharma plunged 4.59% and 2.24%, respectively.

The daily chart shows that the BSE Sensex continues to trade within the 29,155-30,000 range, while the Slow Stochastic Oscillator is in oversold territory. Given the above, the benchmark holds limited downside potential in the short term.