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​India: benchmarks eke out gains

On Tuesday, August 23, key Indian stock benchmarks finished the trading session marginally in positive territory. All eyes are now on Yellen’s Jackson Hole speech on August 26, and for the time being investors are in no hurry to take risks. Market participants hope to hear the Fed chair drop some hints about rate-hike timing.

O&G plays were the day’s worst performers amid falling oil prices, while financial and real estate stocks were also out of luck. Telecom and technology names outperformed.

Recapping the benchmarks, the Nifty 50 inched up 0.04% to 8,632.60, while the BSE Sensex Index closed 0.07% higher at 28,004.98.

In the currency market, by 10:40 GMT the USD/INR pair weakened 0.16% to 67.095, while EUR/INR firmed 0.07% to 76.0110. The 10-yeargovernmentbondyieldgrewto 7.161%.

In corporate developments, Reliance Infrastructure gained 1.62% on a report the company wrapped up the sale of its cement division to Birla.

Also on the plus side, Indraprastha Gas shares surged 3.65% on the heels of a 44% climb in quarterly earnings that beat the median consensus.

Tuesday was also a bad day for public utilities company Tata Power whose shares dropped 2.92% as quarterly earnings decreased.

From a technical standpoint, the BSE Sensex Index has long traded within the 27,700-28,305 range and so far there have been no signs of a breakout. The Slow Stochastic Oscillator is now on the bearish side. As a result, we expect the benchmark to move towards the 27,700 support level.