The Indian stock market landed in positive territory on Monday, July 17 as investors were encouraged by gains in high-tech names as well as upbeat Chinese macro data. Specifically, China’s GDP accelerated to 6.9% y-o-y in 2Q vs. the 6.8% y-o-y consensus forecast. Recapping the benchmarks, the Nifty 50 advanced 0.30% to 9,915.95, flirting with an all-time high at 9,920.30 in intraday trading, while the BSE Sensex closed at 32,074.78%, briefly touching the 32,118.37 mark during the session. By 10:50 GMT, USD/INR traded up 0.13% to 64.363, and EUR/INR eased 0.17% to 73.7490. The 10-year Indian government bond yield stood at 6.463%. Software exporters Infosys and Wipro added 1.23% and 2.69%, respectively. Notably, Wipro said on Friday that it is planning a share buyback. The session’s advancers included cement producers, with Ambuja Cements, Burnpur Cements, Birla and Ultratech Cement gaining 1.62%, 0.78%, 0.14% and 2.96%, respectively. Banking names outperformed the broader market. In particular, ICICI Bank and State Bank of India picked up 1.76% and 0.48%, respectively. The daily chart shows that the BSE Sensex is trading slightly below the all-time high, while the Slow Stochastic Oscillator is about to exit overbought territory. In our view, the benchmark is likely to head lower in the short term.