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​India: equities in rally mode

On Monday, April 11, key Indian markets traded considerably higher.

The Indian market tracked global markets higher. The investment community attempted to strike a positive note as the new quarterly earnings reports season got under way.

The Nifty 50 rose 1.54% to 7,671.40, while the BSE Sensex was 1.41% higher at 25,022.16.

Among the blue chips, Adani Ports, Bharti Airtel and BHEL outperformed the broader market, soaring over 4%, while Lupin, Cipla, Dr Reddy's and M&M showed losses.

All sectors on the BSE landed in the red. Conversely, IT, electric power companies and carmakers delivered considerable gains.

USD/INR slid 0.11% to 66.476. The 10-year bond yield fell 0.03% to 7.447%.

Telecom Bharti Airtel surged 4.1% on news it would pay Aircel USD 526 mn to obtain 4G spectrun in a number of states.

Monsanto India lost 2.6% after the country’s minister of agriculture said seed prices will be further regulated to support farmers.

Rajesh Exports jumped 2.8% on news the company got a large order from the UAE.

Engineering company A2Z Infra Engineering climbed 4.2% on news it received a large contract.

From a technical standpoint, on the daily chart a potentially bullish candlestick pattern, a morning star, has taken shape. Stochasticlinesarealsosendingoutabuysignal.