Key Indian benchmarks continued to rally on Monday, January 22, reaching fresh highs on corporate news from large companies, both on earnings and M&A deals. Recapping the benchmarks, the Nifty 50 rose 0.66% to 10,966.20, while the BSE Sensex added 0.81% to 35,798.01. By 10:42 GMT, the USD/INR currency pair eased 0.09% to 63,783, while EUR/INR advanced 0.23% to 78.1880. The 10-year government bond yield widened to 7.503%. Oil and Natural Gas (ONGC) surged 3.6% on news that it acquired a controlling stake in oil refiner Hindustan Petroleum from the state for INR 369 bn (USD 5.78 bn). Industrial conglomerate Reliance Industries added 4.3% to its market cap and reported a record-profit for Q3 largely due to the fact that its Jio division was able to post positive financial results for the first time in its history. Meanwhile, IT services corporation Wipro fell 2.3% following a 8.5% decline in Q3 profit associated with one-off costs. Having corrected lower following strong gains in recent sessions, ICICI Bank and ITC slipped 0.6% and 0.3%, respectively. The daily chart shows that the BSE has been trading beyond the upper end of Bollinger Bands, while the Slow Stochastic Oscillator is in the overbought territory. As a result, upside potential is limited in the short-term. $SENSEX, S&P BSE SENSEX INDEX / D