Key Indian stock indices traded higher on Wednesday, February 21 on the back of gains in the banking sector. Moreover, local benchmarks gained support from positive dynamics in Asian markets. No market-driving macro data is due out today. By the close, the Nifty 50 rose 0.51% to 10,789.85, and the BSE Sensex 30 ended 0.40% higher at 35,898.35. On the BSE Sensex 30, Vedanta and Tata Motors outperformed the broader market, surging 2.78% and 2.61%, respectively. Infosys and Yes Bank were out of favor, sliding 1.56% and 1.02%. Among the Nifty 50 gainers, Indiabulls and Vedanta stood out, soaring 6.18% and 2.71%. On the other side of the spectrum, Bharat Petroleum and Bharti Infratel dipped 1.91% and 1.70%. On the currency market, the USD/INR pair firmed 0.14% to 71.16, and EUR/INR added 0.18% to 80.628. The 10-year bond yield reached 7.549%. India’s second-largest software provider Infosys gave up 1.8%. Furthermore, Indian automakers came under pressure, with Maruti Suzuki India and Mahindra & Mahindra shedding 1.3%. Notably, banking names enjoyed strong demand, specifically on reports that the country’s central government will inject an additional INR 482.39 bn worth of liquidity into 12 lenders as part of the bank recapitalization program. As a result, Indian Overseas Bank and UCO Bank spiked over 10%, while United Bank of India shot up 14.5%, the sharpest daily gain since October 2017. From a technical standpoint, the BSE Sensex is forming a corrective rebound as it heads towards 36,100-36,300. Stochastic lines look buy-friendly, while hovering in oversold territory. Consequently, the rebound will likely gain traction in the short term.