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India: benchmarks snap 7-day winning streak

Key Indian stock indices landed in negative territory on Tuesday, November 5, paring earlier gains as investors took profit after seven straight days of gains. Moreover, benchmarks came under pressure from a decline in media names as well as downbeat quarterly earnings from several local heavyweights.

The external backdrop was patchy as Asian benchmarks ended in the green, while European stocks were trading mixed.

Recapping the benchmarks, the Nifty 50 slipped 0.20% to 11,877.45, and the BSE Sensex retreated 0.13% to 40,248.23.

By 10:56 GMT, the USD/INR currency pair eased 0.11% to 70.708, while EUR/INR traded down 0.15% to 78.6410. The 10-year Indian government bond yield widened to 6.516%.

Automaker Mahindra and Mahindra gave up 1.0% after announcing a recall of the XUV300 model in order to fix a faulty suspension part.

Tata Motors followed suit, closing 0.1% lower.

Overseas Bank sank 11.7% after reporting a wider quarterly loss and nearly flat net interest income.

Bharat Electronics tumbled 5.8% after reporting a decrease in quarterly profit.

The daily chart shows that the BSE Sensex is trading near the upper line of Bollinger bands, while the Slow Stochastic Oscillator has long been in overbought territory. Consequently, the downtrend will likely gain traction in the short term.

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