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​India: the bulls push benchmarks higher

On Thursday, August 11, Indian stocks headed northward despite selling pressure during the first half of the session. Notably, most investors believe that the rally is petering out and most names look overbought.

To remind, India’s July CPI and industrial output in June will come out tomorrow.

By the final bell, the Nifty 50 ticked up 0.2% to 8,592.15, while the BSE Sensex 30 Index added 0.31% to 27,859.60.

Nifty 50 gainers were Idea Cellular, Eicher Motors and Lupin (up more than 2.3%), while the laggards were led by Grasim Industries, Bank of Baroda and Bharti Infratel (down over 2.5%).

Decliners on the BSE Sensex 30 were Mahindra & Mahindra, State Bank of India, while record gains were seen in ITC, ICICI Bank, and Tata Consultancy.

In the currency market, the USD/INR pair added 0.29% to 66.866, while the EUR/INR ticked down 0.1% to 74.539. The 10-year government bond yield came in at 7.08%.

Shares of lender Bank of Baroda tanked 9.01% after a 60% slide in quarterly earnings.

Another lender, State Bank of India, pulled back 1.95%, ending the second straight session in the red.

Shares of Sun Pharmaceutical Industries, the biggest Indian drug maker by capitalization, lost 1.15% in anticipation of its financials due out Friday.

Also on the minus side, motorcycle and scooter producers Hero MotoCorp and Bajaj Auto landed lower for the second day in a row.

In the bull camp, drug producer Lincoln Pharmaceuticals spiked 7.33% as its quarterly earnings climbed 67% to Rs 10.93 crore.

Punj Lloyd stocks added 1.78% after the company announced a lower quarterly loss.

From a technical standpoint, the BSE Sensex 30 is trading within an ascending wedge. Stochastic lines are buy-friendly so the index is expected to trade within the pattern for the time being.