Indian stock indices closed in negative territory on Thursday, June 15 on the heels of the FOMC’s decision to hike the federal funds rate to 1.0-1.25%. The regulator also said it expects one more rate hike by year end. As regards market-moving data, the country’s trade surplus is due out today. By the close, the Nifty 50 retreated 0.42% to 9,578.05, and the BSE Sensex 30 was 0.26% lower at 31,075.73. On the Nifty 50, Aurobindo Pharma and Reliance Industries outperformed the broader market, surging 6.94% and 1.95%, respectively. Bharat Petroleum and Indian Oil were out of luck, sliding 3.12% and 3.24%. Among the BSE Sensex 30 gainers, Reliance Industries and Cipla stood out, advancing 1.85% and 1.70%. On the other side of the spectrum, Tata Consultancy and Larsen & Toubro dropped 2.42% and 1.50%. On the currency market, the USD/INR pair dipped 0.43% to 64.45, and EUR/INR traded down 0.17% to 71.93. The 10-year Indian government bond yield stood at 6.452%. Banking names came under pressure, with Punjab National Bank plunging 2.99%, and Bank Of Baroda receding 1.85%. Aurobindo Pharma soared 6.94% on reports that its drug gained US FDA approval. O&G names underperformed the broader market. Specifically, Bharat Petroleum and Indian Oil each shed over 3%. From a technical standpoint, the BSE Sensex 30 is trading within a rising wedge, with a breakout to the upside likely in the short term. Stochastic lines reveal a buy-side bias, so the bears may well break out of the lower end of the wedge.