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​India: benchmarks close mixed

On Wednesday, July 13, India’s major equity indices showed mixed performance, demonstrating no change in yesterday’s results. Shares of commodity companies outperformed the broader market, while the bears dragged down the industrial sector.

Notably, the BSE Sensex 30 has rebounded 21% from its February low, a signal pointing to bull market territory.

Recapping the benchmarks, the Nifty 50 ticked down 0.02% to 8,519.5, while the BSE Sensex 30 edged up 0.03% to 27,815.18.

Among the best performers on the Nifty 50, Oil & Natural Gas, GAIL and Tata Steel ended 2.5% higher. Among the underperformers, Power Grid and Bharat Petroleum declined 2.6%.

On the BSE Sensex 30, Larsen & Toubro and Maruti Suzuki India closed in the red. Oil & NaturalGas, GAIL, and TataSteelpostedgains.

In the currency market, the USD/INR pair rose 0.13% to 67.068, while the EUR/INR increased 0.29% to 74.301. India’s 10-yeargovernmentbondyieldreached 7.303%.

India’s major energy producer Oil & Natural closed 3.01% higher on news that the government may allow refining companies to raise kerosene prices every month.

Steelmaker Tata Steel soared 4.47% to a two-month high.

Larsen & Toubro and Maruti Suzuki India underperformed, falling 1.1%.

Technically, the BSE Sensex is trading within an ascending wedge, approaching its upper bound at 27,820. Stochastics are pointing north and are in overbought territory, so upside potential is limited.