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India: indices extend losses

Key Indian stock indices logged losses on Friday, January 11. Market players are jittery ahead of the release of a quarterly earnings report by an IT giant Infosys. However, financial results of another IT heavyweight Tata Consultancy Services were perceived ambiguously.

The news flow was mixed, as Asian and US markets posted moderate gains, while European benchmarks have seesawed.

Recapping the indices, the Nifty 50 dropped 0.25% to 10,794.95, while the BSE Sensex closed 0.27% lower at 36,009.84.

By 10:40 GMT, the USD/INR currency pair edged up 0.07% to 70.525, while EUR/INR traded up 0.39% to 81.2810. Meanwhile, the 10-year government bond yield widened to 7.506%.

 Tata Consultancy Services lost 2.4%. The company’s net profit rose to INR 81.05 bn (USD 1.15 bn) in the third fiscal quarter ended in December, falling short of analysts’ projection of INR 82.19 bn.

 At the same time, another IT sector representative Infosys climbed 0.6% ahead of the release of a quarterly earnings report.

 Regional heavyweights Larsen & Toubro Infotech and Reliance Industries logged heavy losses, falling 2.8% and 0.9%, respectively.

The daily chart shows that the BSE Sensex has been trading near the upper line of a triangle. Taking into account the absence of overbuying, the benchmark may try to test it. The next resistance level is at 36,595. 


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