On Wednesday, July 20, Indian stocks traded higher on the back of gains in banking names and demand for public utility shares. Recapping the indexes, the Nifty 50 Index added 0.44% to 8,565.85, while the BSE Sensex 30 rose 0.46% to 27,915.89.The Nifty 50’s standout advancers included Aurobindo Pharma, Coal India, and Bharat Heavy Electricals that ended over 3% higher. On the downside, Wipro, Hindalco Industries, and AXIS Bank stood out among the underperformers (-1.2% or more). As for BSE Sensex 30 components, Wipro, Hindalco Industries, and AXIS Bank led the top decliners, while Tata Power, Coal India, and Bharat Heavy Electricals were among the session’s best performers.In the currency market, USD/INR firmed 0.03% to 67.211, while the EUR/INR pair inched up 0.01% to 74.06, and the 10-year government bond yield reached 7.269%. In the bull camp, Power Grid shares rose 1.17% to a new all-time high, while GAIL India shares advanced for the first time this week. Shares of motorcycle producers Hero MotoCorp and Bajaj Auto were well bid. Shares of Wipro, India’s third-biggest software exporter, pulled back 1.89% as its quarterly earnings and sales came in worse than analysts had projected. Shares of drug maker Aurobindo Pharma spiked 4% after winning approval from the US regulator for the manufacture of its new product. Shares of another pharmaceutical company, Glenmark Pharmaceuticals, jumped 1.9% as the US regulator gave the company the go-ahead with its cholesterine pills. From a technical standpoint, the BSE Sensex 30 Index is trading within an ascending wedge where it again reached the upper bound at 28,000. Stochastic lines are pointing south and in overbought territory, so we expect to see corrective movement towards 26,600-26,800.