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India: equities approach record highs

Indian stock indices logged moderate gains on Monday, July 24 as the Nifty 50 closed in on the key 10,000 mark supported, among other things, by a rally in heavyweight Reliance Industries.


By the close, the Nifty 50 advanced 0.52% to 9,966.40, and the BSE Sensex rose 0.68% to 32,245.87.


In the currency market, the USD/INR pair weakened 0.17% to 64.37. The 10-year Indian government bond yield narrowed 0.44% to 6.408%.


As noted above, Reliance Industries outperformed, ending 1.9% higher as the company reported better-than-expected quarterly earnings and presented a cheap 4G mobile phone.


Pharmaceutical player Lupin advanced 2.8% on news about the positive outcome of a US FDA inspection at the Goa facility, but pared gains by the close.


Jammu and Kashmir Bank spiked 8.3% on the back of strong performance in the last quarter.


Telecom operator Bharti Airtel picked up 2.1%, rebounding after an unjustified decline in the previous session.


From a technical standpoint, the daily chart shows that a wedge is still shaping up on the BSE Sensex, while the Slow Stochastic Oscillator is about to exit overbought territory. Consequently, the benchmark is likely to correct to the downside in the short term.

$SENSEX, BSE Sensex / H1