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​India: Nifty 50 hits 10-month high

On Thursday, July 14, India’s key stock indices seesawed through the session ahead of corporate reporting, as well as the government's statements regarding the appointment of a new head of the country's central bank. Notably, India’s second largest software provider Infosys and Tata Consultancy Services are set to release their reports after the close of trading.

Recapping the benchmarks, the Nifty 50 edged up 0.53% to 8,565.00, hitting the highest level August 10, 2015. TheBSESensexclosed 0.46% higherat 27,942.11.

By 11:25 GMT, the USD/INR pair ticked down to 66.926, while the EUR/INR rose 0.34% to 74.5730. India’s 10-yeargovernmentbondyieldclimbed 0.05% to 7.288%.

Market cap of state gas producer GAIL was up 1.08% and Maruti Suzuki jumped 2.47%.

Gains were seen mostly in the banking sector. State Bank of India rose 1.89%, while Punjab National Bank and Yes Bank spiked 6.32% and 2.16%, respectively.

Tata Consultancy Services and Infosys gained 1.16% and 1.47%, respectively, ahead of the release of financial results.

Technically, the BSE Sensex is trading within an ascending wedge, approaching its upper bound and breaking through the upper line of Bollinger bands. Meanwhile, slow stochastics and the RSI are in overbought territory. For these reasons, the gauge may correct lower before long.