India’s stock market showed negative performance on Tuesday, January 22, as investors decided to take profit on long positions after a five-day winning streak. Indices corrected after the IMF cut its global growth outlook for 2019/2020. No market-driving data is expected today. Recapping the benchmarks, the Nifty 50 declined 0.36% to 10,922.75, while the BSE Sensex 30 closed 0.37% lower at 36,445. The best performers on the BSE Sensex 30 included Sun Pharmaceutical Industries and Kotak Mahindra Bank, which surged 4.54% and 1.79%, respectively. On the other side of the spectrum, Vedanta and Mahindra & Mahindra plunged 3.63% and 3.35%, respectively. Among the top gainers on the Nifty 50, Sun Pharmaceutical Industries and Wirpo surged 4.80% and 3.09%. Vedanta and Mahindra & Mahindra underperformed, falling 3.65% and 3.26%. In the currency market, the USD/INR pair traded up 0.30% to 71.406, while EUR/INR advanced 0.32% to 81.141. The 10-year government bond yield stood at 7.527%. Financial names came under pressure. Housing Development Finance and HDFC Bank dropped more than 0.5%. Kotak Mahindra Bank gained more than 1.5% after releasing financial results for Q3, which outpaced analysts’ expectations. Pharmaceutical company Sun Pharmaceutical Industries soared 4.8% after announcing that it will turn one of its units into a new distributor for the drug development business, replacing Aditya Medisales. Prabhat Dairy spiked 20% on news about the sale of one of its units to Groupe Lactalis for INR 17 bn. From a technical standpoint, the BSE Sensex 30 has been correcting towards the upper line of a triangle at 36,000, which was recently broken. Stochastic lines, which have been in overbought territory, are sell-friendly. As a result, the benchmark may continue its correction.