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India: stocks close on a positive note

Indian equities logged gains on Friday, July 21 on the back of upbeat earnings releases from Reliance Industries and Wipro.

Energy, O&G and high-tech names outperformed the broader market, while automotive, utility and real estate stocks were out of favor.

Recapping the benchmarks, the Nifty 50 advanced 0.42% to 9,915.25, and the BSE Sensex closed 0.39% higher at 32,028.89.

By 10:40 GMT, USD/INR ticked up 0.01% to 64.330, and EUR/INR firmed 0.04% to 74.9245. The 10-year Indian government bond yield stood at 6.438%.

Software exporter Wipro soared 6.3% as the company released better-than-expected quarterly earnings and announced a USD 1.71 bn share buyback program.

Reliance Industries surged 3.7% on the back of strong financial performance for the last quarter. Notably, other telecom players Bharti Airtel and Idea Cellular pulled back 2.02% and 3.26%, respectively.

The daily chart shows that the BSE is trading within a rising triangle, nearing its upper end, while the Slow Stochastic Oscillator is bull-friendly at this point. In our view, the benchmark is likely to complete this pattern and head higher in the short term.