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​India: bears cap two-day wining streak

On Tuesday, August 16, the Indian stock market showed negative performance, marking a two-day winning streak amid a pullback in software service provider Infosys, after the Royal Bank of Scotland cancelled a contract to develop a separate IT platform with the Indian IT giant.

By the final bell, the Nifty 50 Index ticked down 0.34% to 8,642.55, while the BSE Sensex 30 eased 0.31% to 28 064.61.

On the Nifty 50, Cipla, Adani and Hindalco Industries outperformed the broader market, spiking 5.6%. On the other side of the spectrum, HCL Technologies, Sun Pharma and Bharti Infratel dropped 2.2%.

As regards BSE Sensex 30 components, record losses were seen in Sun Pharma, TataMotors, Tata Consultancy, while Cipla, Vedanta and Hindalco Industries led the advancers.

On the currency market, the USD/INR pair traded down 0.12% to 66.80, while EUR/INR firmed 0.68% to 75.30. The 10-year bond yield stood at 7.10%.

Jain Irrigation Systems surged 3.93% after reporting a 303% upsurge in quarterly earnings to INR 58.5 mn.

The largest Indian mortgage lender Housing Development Finance dipped 1.71%.

Indian company Power Grid decreased 0.31% after it reached an all-time high.

Divi's Laboratories soared 5.68% after reporting a 23% increase in quarterly earnings.

Pharmaceutical company Cipla shot up 7.14% on a report that its earnings amounted to INR 3.652 bn.

Indian company Kiri Industries soared 4% as quarterly revenues climbed 60%.

Port operator Adani Ports and Special Economic Zone was well bid.

From a technical standpoint, the SE Sensex 30 is trading within a rising wedge. Stochastic lines are on the buy side so the index is likely to continue trading within this pattern.