Key Indian stock indices landed in the red on Friday, July 10, tracking Asian and European markets that closed predominantly lower. Investors remain concerned about the prospects of an economic recovery as the number of new Covid-19 cases continues to rise in the US and other countries, while the earnings reports of Indian companies may unveil some negative surprises. By the close, the Nifty 50 eased 0.42% to 10,768.05, and the BSE Sensex was off 0.34% at 36,614.22. By 10:20 GMT, USD/INR firmed 0.11% to 75.222, and EUR/INR rose 0.19% to 84.9525. The 10-year Indian government bond yield stood at 5.760%. Reliance Industries surged 3.07% after US-based BP paid it USD 1 bn for a 49% equity stake in a JV called Reliance BP Mobility. State-owned Punjab National Bank plunged 5.26% after reporting an INR 36.9 bn (USD 491 mn) loan granted to Dewan Housing Finance as fraud to the Reserve Bank of India. The list of underperformers included other financial names. Specifically, Housing Development Finance Corporation and IndusInd Bank pulled back 2.75% and 2.93%, respectively. Among the notable decliners on the Nifty 50, AXIS Bank, GAIL and ICICI Bank shed 3.16%, 2.94% and 2.82%. On the daily chart, the BSE Sensex is trading near the upper boundary of an ascending wedge as well as next to the upper line of Bollinger bands, while the Slow Stochastic Oscillator has long been in overbought territory. As a result, a downturn could be in the offing.