Key Indian stock indices landed in the green on Tuesday, May 19, rebounding after yesterday’s decline on the back of a positive news flow. Notably, US and Asian equities closed resolutely higher earlier. Moreover, sentiment was bolstered by media reports that the Phase 1 clinical trials of a potential Covid-19 vaccine showed positive results. On the other hand, traders exercised caution as the coronavirus infection rate continues to rise across the country despite the extension of the national lockdown. Notably, India has recorded over 100,000 confirmed cases, while the death toll exceeded 3,000 as of May 19. By the close, the BSE Sensex 30 rose 0.56% to 30,196.17, and the Nifty 50 climbed 0.63% to 8,879.10. On the FX market, the USD/INR pair edged down 0.06% to 75.646, while EUR/INR added 0.31% to 82.8435. The 10-year Indian government bond yield narrowed 1.6 bps to 6.035%. In sectoral terms, media, consumer and infrastructure names outperformed the broader market, while state-owned banks and real estate stocks took a beating. In the blue-chip universe, Bharti Airtel, Adani, Bharti Infratel, Oil & Natural Gas and Grasim Industries posted the biggest gains, up 3.9-10.8% on the day. On the other side of the ledger, UPL, Vedanta, IndusInd Bank, Larsen & Toubro and Reliance Industries slid 2.2-9.8%. In technical terms, the BSE Sensex 30 corrected slightly higher after yesterday’s decline, while the overall outlook on the benchmark remained unchanged. The closest support level is currently at 30,000. Should the index breach that level, it will likely move further south, with the next target at 28,000.