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​India: bearish sentiment takes hold

On Wednesday, May 4, Indian benchmarks closed in negative territory, taking European and US markets lower. Carmakers, telecoms, industrial and high-tech companies underperformed the market, while financial and energy sectors moved higher.

The Nifty 50 shed 0.52% to 7,706.55, while the BSE Sensex dipped 0.51% to 25,101.73.

By 10:57 am GMT, USD/INR ticked up 0.06% to 66.596, while EUR/INR contracted 0.11% to 76.4380. The 10-yearbondyieldfell 0.09% to 7.435%.

Search engine Just Dial sank 4.47% after Credit Suisse downgraded the name from Outperform to Neutral.

Adani Ports & SEZ tumbled 11.57% even as the company reported an increase in net profit during a period of three months ended March 31.

BASF India paced the gains, advancing 4.31% after quarterly revenue climbed 7.44%.

Technically, on the daily chart the BSE Sensex has almost reached the 24,870 support level, while slow stochastic lines have entered oversold territory. As a result, the index has limited downside potential in the near term.