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​India: equities rise again

On Wednesday, August 24, key Indian stock benchmarks landed in positive territory on the back of an encouraging earnings report from drug maker Aurobindo Pharma.

Meanwhile, investors await Janet Yellen’s Jackson Hole speech on Friday, and for this reason they are in no hurry to take risks. Stocks came under moderate pressure from falling oil prices, with WTI dropping to USD 47.32/bbl by 10:30 GMT.

Recapping the indexes, the Nifty 50 was up 0.21% to 8,650.30, and the BSE Sensex Index rose 0.25% to 28,059.94.

In the currency market, by 10:50 GMT the USD/INR pair inched down 0.01% to 67.121, while the EUR/INR pair slipped 0.25% to 75.6980. The 10-yeargovernmentbondyielddecreasedto 7.155%.

In the bull camp, Aurobindo Pharma spiked 6.95% after the drug maker reported a 24% upsurge in consolidated earnings for the quarter ending June.

On the downside, mobile provider Idea Cellular gave up 2.62% amid reports the cellular company denied rumors about a merger with its rival Vodafone India.

Notably, the session’s standout gainers were Cipla, Maruti Suzuki, Infosys, NTPC and Sun Pharma, whereas Lupin, Adani Ports, TCS, Tata Steel and Tata Motors were out of favor.

From a technical standpoint, the BSE Sensex Index has long traded within the 27,700-28,305 range, still showing no signs of a breakout. We think that the index will continue to trade within this band in the short term.