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​India: markets halt two-day gains

On Wednesday, May 11, Indian benchmarks closed lower amid fears that a revised tax treaty between Mauritius and India could negatively impact the inflow of capital from certain non-residents.

The Nifty 50 ticked down 0.49% to 7,848.85, while the BSE Sensex 30 lost 0.68% to 25,597.02.

Among the Nifty 50 components, Punjab National Bank, Bharti Airtel andSBI were out of luck, each retreating over 2.3%. ZeeEntertainmentEnterprises,AXISBankandHindalcoIndustries outperformed the broader market, each adding over 1.9%.

On the BSE Sensex 30, BhartiAirtel,TataMotors, andSBI led the decliners, while AXISBankand HindalcoIndustries paced the gains.

On the currency market, USD/INR slid 0.03% to 66.61, while EUR/INR was 0.16% higher to 75.896. The 10-yearbondyieldwas 7.428%.

India’s leading power plant equipment producer Bharat Heavy Electricals and major Indian carmaker Tata Motor dipped 1.83% and 2.34%, respectively, touching three-week and one-week lows, respectively.

Media company ZeeEntertainmentEnterprises jumped 7.27% after saying its net profit climbed 12.9% in the quarter ended March.

Radico Khaitan eased 0.16% even as it had reported 9.9% growth to Rs 377.64 crore.

Century Plyboards was off 2.98% after quarterly net profit shrank 15.5%.

HimachalFuturisticCommunications contracted 8.85% after reporting loss in the quarter ended March.

Technically, the BSE Sensex 30 is trading within a rising trend with the upper end near 26,500 and the lower end near 25,250. Stochastic lines are pointing north, and this means more upside may be in the offing.