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​India: market tracks US higher

Indian benchmarks, along with the others Asian stocks, landed in positive territory on Tuesday, November 22 on upbeat US market performance, with major indices hitting all-time highs at the close, and buoyed by rallying oil prices.

High-tech, oil&gas and automotive names turned out to be among the best performers, while the banking sector and industrial goods manufacturers underperformed the broader market.

By the close, the Nifty 50 was up 0.92% at 8,002.30, while the Sensex BSE closed 0.76% higher at 2,5960.78.

By 10:44 GMT, the USD/INR currency pair eased 0.06% to 68.183, and EUR/INR inched down 0.01% to 72.5220. The 10-year Indian government bond yield rose to 6.321%.

Oil and Natural Gas company advanced 0.67% on the back of higher oil prices.

Carmaker Maruti Suzuki surged 3.07%, while technological giant Infosys added 0.34%.

Engineering company Larsen & Toubro was out of luck, retreating 1.36% as investors awaited the release of financial results for the three months ending in September.

From a technical standpoint, after having broken through the lower range of the Bollinger Bands on a number of occasions, the BSE Sensex has moved back inside them, while the Slow Stochastic Oscillator and the RSI are about to exit oversold territory. In light of the above, a correctional upturn can be expected in the short term.