The Indian stock market turned in negative performance on Monday, June 21 as market participants took profit after a recent rally. Notably, the market showed a muted reaction to the outcome of the FOMC meeting, which signaled a rate hike in December and decided to begin shrinking the Fed’s balance sheet in October. In sectoral terms, only pharmaceutical names logged gains, while regional banks underperformed the broader market. Recapping the benchmarks, the Nifty 50 eased 0.19% to 10,121.90, and the BSE Sensex closed 0.09% lower at 32,370.04. By 10:23 GMT, the USD/INR currency pair firmed 0.33% to 64,785, while EUR/INR traded up 0.88% to 77.1315. The 10-year Indian government bond yield widened to 6.641%. On the NSE, the session’s top advancers included Lupin, Yes Bank and Tech Mahindra, which surged 2.8%, 0.3% and 2.5%, respectively. In the bear camp, Tata Motors, Zee Entertainment and Indiabulls Housing Finance shed 0.3%, 2.5% and 2.2%. As noted above, the session’s outliers included regional banking names. In particular, major lender ICICI Bank slid 1.9%, while Andhra Bank and Oriental Bank of Commerce plunged 3.4% and 1.5%. Dr. Reddy’s Laboratories spiked 7.4% as Morgan Stanley analysts raised their target price on the name. The daily chart shows that the BSE Sensex has retraced within the Bollinger bands, while the Slow Stochastic Oscillator has long been in overbought territory. As a result, the downtrend is likely to be extended in the short term.