Key Indian stock indices showed positive performance on Thursday, July 11, mainly on the back of gains in metals and financial names. Moreover, investors in local equities, just like those in global markets, were encouraged by Fed Chair Jerome Powell’s dovish narrative. The external backdrop was upbeat as Asian benchmarks ended in the green, while European stocks were on the rise. Recapping the benchmarks, the Nifty 50 advanced 0.73% to 11,582.90, and the BSE Sensex firmed 0.70% to 38,823.11. By 10:24 GMT, the USD/INR currency pair ticked up 0.04% to 68.425, while EUR/INR advanced 0.26% to 77.1415. The 10-year Indian government bond yield narrowed to 6.515%. As noted above, steelmaking names were in favor. As a result, Tata Steel and JSW Steel gained 1.6% and 4.9%, respectively. In the IT sector, Infosys added 0.6%, while Tata Consultancy Services shed 0.3%. Notably, Infosys is due to release a quarterly earnings reports on Friday. Interglobe Aviation, the owner of IndiGo, India’s largest airline in terms of market share, slipped 3.1% after one of the co-founders of the latter alleged violation of corporate governance breach at the parent company. The daily chart shows that the BSE Sensex has retraced within Bollinger bands after having broken through their lower end, while the Slow Stochastic Oscillator is about to exit overbought territory. As a result, the uptrend will likely gain traction in the short term. $SENSEX, S&P BSE SENSEX INDEX / H1