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​India: indices end flat

On Wednesday, April 20, Indian benchmarks were virtually unchanged, settling near the previous closing levels. Steel makers outperformed the broader market, while carmakers came under pressure.

The Nifty 50 was flat at 7,914.75, while the BSE Sensex 30 ticked up 0.11% to 25,844.18.

Among the Nifty 50 components, Idea Cellular, Tata Consultancy and Bharti Infratel underperformed the broader market, retreating 2.5% each. Vedanta,TataSteel, and HindalcoIndustries paced the gains, each soaring over 4.5%.

On the BSE Sensex 30, RelianceIndustries,MarutiSuzukiand Tata Consultancy topped the decliners, while Vedanta,TataSteel, and HindalcoIndustries outperformed.

USD/INR edged up 0.10% to 66.196, while EUR/INR climbed 0.18% to 75.27. The 10-yearbondyieldtotaled 7.435%.

Steel company Tata Steel spiked 6.53% on news the company appointed Standard Chartered to help it find a buyer for its non-core assets.

Copper and zinc producer Vedanta bolted up 9.08%, touching a high since October 2015 after Credit Suisse Group upgraded certain companies of this sector to Buy.

Steel maker JSW Steel reached an all-time high, while Steel Authority of India set a three-month high.

India’s major software exporter Tata Consultancy Services decreased 2.75% after saying that its margin before interest and tax came in at 26.1% against the 26.9% median consensus.

Carmakers Mahindra & Mahindra and Maruti Suzuki India led the underperformers, sliding over 1% each.

Technically, the BSE Sensex 30 reached the 25,820 resistance level. Stochastic lines are still pointing north, but have reached overbought territory. This means there is limited upside potential.