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​India: markets log gains for second straight session

On Tuesday, May 10, key Indian markets showed negative performance during the first half of the session, but landed in the green as oil prices rose, while demand for risky assets grew on global markets.

The Nifty 50 ticked up 0.28% to 7,887.80, while the BSE Sensex climbed 0.33% to 25,772.53.

By 11:08 am GMT, USD/INR slid 0.16% to 66.646, while EUR/INR lost 0.29% to 75.7590. The 10-year bond yield increased 0.05% to 7.429%.

Hindustan Unilever, an Indian unit of leading global consumer goods producer Unilever, saw 2% added to its market cap after reporting higher-than-expected quarterly revenue.

Meanwhile, carmaker Tata Motors retreated 3.6% after rising for the previous three trading sessions as Jaguar Land Rover, its unit, released upbeat sales data.

Among the underperformers, aluminum producer Hindalco Industries fell 2.02% after global aluminum prices shrank. Notably, volumes of aluminum production in China increased from 71,400 t in February to 84,500 t in March, while this could put aluminum prices under additional pressure.

Technically, the BSE Sensex is trading within a rising trend, while, given the position of slow stochastic lines, the bulls have the upper hand. In the short term, the index is likely to move toward the upper end of the trend.